OCN - Ocwen Financial Announces Intention to Rebrand as Onity™ Group | Benzinga
Name change proposal to be submitted for approval at upcoming Annual Meeting of Shareholders
New name embodies the Company's transformation into a balanced and diversified business
Ocwen subsidiary PHH Mortgage expected to rebrand to Onity Mortgage later this year
WEST PALM BEACH, Fla., April 03, 2024 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE:OCN) ("Ocwen" or the "Company"), a leading non-bank mortgage servicer and originator, today announced plans to change its name to Onity Group Inc. The Company will submit a proposal to effect the name change at its Annual Meeting of Shareholders scheduled for May 28, 2024.
Subject to shareholder approval, the Company expects to formally change its name to Onity Group Inc. and begin trading on the NYSE under the stock symbol "ONIT" in June 2024.
"We are very excited about rebranding to Onity™ as it demonstrates our extensive transformation into a balanced and diversified mortgage company and the confidence we have in our business, our capabilities and our team," said Glen A. Messina, Chair, President and CEO of Ocwen. "Over the past five years, we have steadily grown our mortgage servicing and subservicing portfolios, built a strong and scalable servicing platform with industry-leading cost and operational performance, added multi-channel originations and asset management capabilities, established multiple capital partner relationships to enable capital-light servicing growth, and made significant technology investments to modernize our global platform. Our rebranding efforts represent the continued evolution of our Company."
Following a rigorous research and brand strategy development analysis, the Company selected Onity as its primary brand name (pronounced ON-it-ee). The Company believes its new name reflects the capabilities of a hard-working team with a can-do attitude and problem-solving culture. Within the name Onity is the phrase "on it," which conveys action and the promise of dependability, performance and support. The new brand identity will include a fresh, modern and customer-centric look and a brand voice that supports the Company's commitment to getting the job done.
Messina continued, "Deeply embedded in our culture is the desire to consistently deliver on our commitments to achieve positive outcomes for all of our stakeholders, and this mindset is central to our mission, values and operating principles. We understand what our customers want and the important role we have in delivering on their needs. We believe our new brand genuinely represents how we operate and our focus on delivering results consistent with what our customers expect from us."
Ocwen's primary brands, PHH Mortgage Corporation and ...