Ocwen Financial Corporation
Ocwen Financial Corporation is a financial services holding company that, through
its subsidiaries, is one of the largest mortgage companies in the United States.
We are headquartered in West Palm Beach, Florida with offices located throughout
the United States (U.S.) and in the United States Virgin Islands (USVI) and
operations in India and the Philippines. Ocwen Financial Corporation is a Florida
corporation organized in February 1988. With its predecessors, Ocwen has been
servicing residential mortgage loans since 1988. We have been originating forward
mortgage loans since 2012 and reverse mortgage loans since 2013.
Servicing and Lending are our primary lines of business. Business activities
that currently are individually insignificant are included in our Corporate
Items and Other segment.
Our Servicing business is primarily comprised of our core residential mortgage
servicing business and currently accounts for the majority of our total revenues.
Our servicing clients include some of the largest financial institutions in
the U.S., including the Federal National Mortgage Association (Fannie Mae) and
the Federal Home Loan Mortgage Corporation (Freddie Mac) (each, an Agency or,
collectively, the GSEs), the Government National Mortgage Association (Ginnie
Mae) and non-Agency residential mortgage-backed securities (RMBS) trusts.
In our Lending business, we originate and purchase conventional (conforming
to the underwriting standards of the GSEs, collectively Agency loans) and government-insured
(insured by the Federal Housing Authority (FHA) or Department of Veterans Affairs
(VA)) forward mortgage loans through the correspondent, wholesale and retail
lending channels of our Homeward Residential, Inc. (Homeward) operations. Per-loan
margins vary by channel, with correspondent typically being the lowest margin
and retail the highest margin. After origination, we generally package and sell
the loans in the secondary mortgage market, through GSE and Ginnie Mae guaranteed
securitizations and whole loan transactions.
ACS business on a pilot basis in two markets in Florida. ACS makes short-term
inventory-secured loans to independent used car dealers to finance their inventory.
Loans are typically outstanding for 30 to 60 days and structured as lines of
credit on which the dealerships can draw to finance inventory purchases. We
anticipate that ACS could provide meaningful growth and income diversification
in future periods. After a successful four-month pilot period, we began expanding
across select markets in the U.S.