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Ocwen Monetary Group plans to
Shareholders should first approve the title change, with the vote going down at its annual assembly on Might 28.
“We’re very enthusiastic about rebranding to Onity because it demonstrates our in depth transformation right into a balanced and diversified mortgage firm and the boldness we’ve got in our enterprise, our capabilities and our crew,” Glen Messina, chair, president and CEO of Ocwen mentioned in a press launch.
Over the previous 5 years, he continued, Ocwen has grown its mortgage servicing and subservicing portfolios, constructed a scalable servicing platform,
However a few of these adjustments, particularly within the servicing platform, had been a results of authorized and regulatory actions. In the end a settlement compelled Ocwen to modify to Black Knight’s MSP.
As a part of that change, it
The Client Monetary Safety Bureau, together with a gaggle of 30 state regulators and/or attorneys basic,
However in February the CFPB
The brand new title, Ocwen defined, displays the capabilities of a hard-working crew with a can-do angle and problem-solving tradition.
Particularly, the phrase Onity incorporates the phrase “on it,” which conveys motion and the promise of dependability, efficiency and help.
“We perceive what our clients need and the essential function we’ve got in delivering on their wants,” Messina mentioned. “We consider our new model genuinely represents how we function and our concentrate on delivering outcomes in keeping with what our clients count on from us.”
If authorized, Ocwen will turn out to be Onity Group and begin buying and selling below the “ONIT” ticker image in June. In the intervening time, PHH Mortgage and Liberty Reverse Mortgage will proceed to make use of their present names, however shall be rebranded with Onity at an undermined later date.
In separate Ocwen information, it introduced that former NMI Holdings CEO Claudia Merkle has joined its board of administrators and Phyllis Caldwell, who was Ocwen’s chairman on the time of the PHH deal, shall be leaving as of the annual assembly.
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