Ocwen Financial Announces Inclusion in the Russell 2000 Index

WEST PALM BEACH, Fla., June 28, 2021 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that it is set to join the Russell 2000 and Russell 3000 Indexes at the conclusion of the 2021 Russell indexes annual reconstitution, effective at the opening of the US equity markets on Monday, June 28, 2021.

“We are pleased to be part of the Russell 2000 and Russell 3000 Indexes and believe this important milestone reflects the hard work of our global team to drive shareholder value, strong operating performance, improved profitability and growth that is exceeding our expectations,” said Glen A. Messina, President and CEO of Ocwen. “Over the past several months, we have taken action to strengthen our capital structure, diversify and differentiate our business model, improve our competitive position and expand our market reach through organic growth and strategic acquisitions. We look forward to the increased visibility of our long-term growth potential to the broader investment community through our membership in the Russell Indexes.”

Recent progress and achievements made by the Company include:

• Completed the refinancing of corporate debt maturities with 100% of corporate debt due after 2025.
• Completed transaction with funds managed by Oaktree Capital Management, L.P. to operate mortgage servicing rights (“MSR”) investment joint venture, MSR Asset Vehicle LLC; expected to add up to $60 billion of subservicing unpaid principal balance (“UPB”).
• Entered into agreements with Texas Capital Bank to acquire Correspondent Lending business and to purchase, in bulk, MSRs with a total UPB of approximately $14 billion.
• Entered into an agreement with AmeriHome Mortgage Company, LLC to purchase, in bulk, MSRs with a total UPB of approximately $47 billion.
• Entered into an agreement with Reverse Mortgage Solutions, Inc. (“RMS”) and its parent, Mortgage Assets Management, LLC, to acquire the RMS reverse mortgage servicing platform and real estate owned business.
  

Membership in the Russell 2000 Index means automatic inclusion in the broader Russell 3000 Index as well as in the appropriate growth and value style indexes. The Russell 3000 Index encompasses the 3,000 largest US-traded stocks primarily by objective, market-capitalization rankings and style attributes. Membership in these indexes is updated annually and remains in place for one year.