WEST PALM BEACH, Fla., Feb. 02, 2021 (GLOBE NEWSWIRE) — Ocwen Monetary Company (NYSE: OCN) (“Ocwen” or the “Firm”), a number one non-bank mortgage servicer and originator, at the moment introduced that its subsidiary PHH Company (“PHH”) has given discover of its intention to redeem on March 4, 2021 (the “Redemption Date”) all of its excellent 6.375% Senior Notes due 2021 (the “2021 Notes”) and likewise that its subsidiary PHH Mortgage Company (“PMC” and along with PHH, the “Issuers” and every, an “Issuer”) has given discover of its intention to redeem on the Redemption Date all of its excellent 8.375% Senior Secured Second Lien Notes due 2022 (the “2022 Notes”).
The 2021 Notes can be redeemed at a value of 100% of the principal quantity thereof, plus accrued and unpaid curiosity to, however not together with, the Redemption Date (equal to $1,003.36 per $1,000 principal quantity). The Financial institution of New York Mellon Belief Firm, N.A., the trustee for the 2021 Notes, has distributed a Discover of Redemption on behalf of PHH to all registered holders of the 2021 Notes. Copies of such Discover of Redemption and extra info associated to the redemption of the 2021 Notes could also be obtained from the Firm.
The 2022 Notes can be redeemed at a value of 102.094% of the principal quantity thereof, plus accrued and unpaid curiosity to, however not together with, the Redemption Date (equal to $1,046.30 per $1,000 principal quantity). Wilmington Belief, Nationwide Affiliation, the trustee for the 2022 Notes, has distributed a Discover of Redemption on behalf of PMC to all registered holders of the 2022 Notes. Copies of such Discover of Redemption and extra info associated to the redemption of the 2022 Notes could also be obtained from the Firm.
The duty of every Issuer to redeem the respective sequence of notes is topic to such Issuer or its associates finishing a debt financing that can present funds ample to pay the redemption value in full for the respective sequence of notes (the “Financing Situation”). Accordingly, the Redemption Date for every sequence of notes could also be prolonged till the Financing Situation is happy or waived by the respective Issuer in its sole discretion. If the Financing Situation is just not happy for any sequence of notes, the respective Issuer might elect to rescind the Discover of Redemption for such sequence of notes, terminate the redemption, and return any tendered notes of such sequence to the holders thereof. If the Redemption Date for any sequence of notes is prolonged or the redemption is terminated, the respective Issuer will present discover to noteholders of such sequence of notes no later than 5:00 p.m. New York time on the enterprise day instantly previous the Redemption Date.
Except an Issuer defaults in paying the redemption value in full for the respective sequence of notes on the Redemption Date and assuming the relevant Redemption Discover is just not rescinded, curiosity on such sequence of notes shall stop to accrue on and after the Redemption Date, and the one remaining proper of the noteholders of such sequence of notes can be to obtain fee of the relevant redemption value upon give up of their notes.
This press launch is for info functions solely and shall not represent the official Discover of Redemption required below the indentures governing the 2021 Notes and the 2022 Notes.
About Ocwen Monetary Company
Ocwen Monetary Company (NYSE: OCN) is a number one non-bank mortgage servicer and originator offering options by its major manufacturers, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is likely one of the largest servicers within the nation, centered on delivering a wide range of servicing and lending packages. Liberty is likely one of the nation’s largest reverse mortgage lenders devoted to schooling and offering loans that assist prospects meet their private and monetary wants. We’re headquartered in West Palm Seashore, Florida, with workplaces in the USA and the U.S. Virgin Islands and operations in India and the Philippines, and have been serving our prospects since 1988. For extra info, please go to our web site (www.ocwen.com).
This press launch incorporates forward-looking statements throughout the which means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Change Act of 1934, as amended. These forward-looking statements could also be recognized by a reference to a future interval or by means of forward-looking terminology. Ahead-looking statements are sometimes recognized by phrases equivalent to “count on”, “imagine”, “foresee”, “anticipate”, “intend”, “estimate”, “aim”, “technique”, “plan” “goal” and “undertaking” or conditional verbs equivalent to “will”, “might”, “ought to”, “may” or “would” or the damaging of those phrases, though not all forward-looking statements include these phrases. Ahead-looking statements by their nature deal with issues which are, to completely different levels, unsure. We’re within the midst of a interval of capital markets volatility and experiencing vital modifications throughout the mortgage lending and servicing ecosystem which have magnified such uncertainties. Readers ought to bear these components in thoughts when contemplating such statements and shouldn’t place undue reliance on such statements.
Ahead-looking statements contain numerous assumptions, dangers and uncertainties that might trigger precise outcomes to vary materially. Up to now, precise outcomes have differed from these recommended by ahead trying statements and this will likely occur once more. Essential components that might trigger precise outcomes to vary materially from these recommended by the forward-looking statements embody, however will not be restricted to, uncertainty referring to the longer term impacts of the COVID-19 pandemic, together with with respect to the response of the U.S. authorities, state governments, the Federal Nationwide Mortgage Affiliation (Fannie Mae), the Federal Dwelling Mortgage Mortgage Company (Freddie Mac, and along with Fannie Mae, the GSEs), the Authorities Nationwide Mortgage Affiliation (Ginnie Mae) and regulators, in addition to the potential for ongoing disruption within the monetary markets and in industrial exercise typically, elevated unemployment, and different monetary difficulties dealing with our debtors; impacts on our operations ensuing from worker sickness, social distancing measures and our shift to better utilization of distant work preparations; the adequacy of our monetary assets, together with our sources of liquidity and skill to promote, fund and get better servicing advances, ahead and reverse entire loans, and HECM and ahead mortgage buyouts and put backs, in addition to repay, renew and prolong borrowings, borrow extra quantities as and when required, meet our MSR or different asset funding goals and adjust to our debt agreements, together with the monetary and different covenants contained in them; elevated servicing prices based mostly on elevated borrower delinquency ranges or different components; our potential to gather anticipated tax refunds, together with on the timeframe anticipated; the way forward for our long-term relationship and remaining servicing agreements with New Residential Funding Corp. (NRZ), our potential to execute an orderly and well timed switch of duties in reference to the beforehand disclosed termination by NRZ of the PMC subservicing settlement, together with our potential to answer any considerations raised by regulators, lenders and different contractual counterparties in reference to such switch; our potential to well timed regulate our price construction and operations because the mortgage switch course of is being accomplished in response to the beforehand disclosed termination by NRZ of the PMC subservicing settlement; our potential to proceed to enhance our monetary efficiency by price re-engineering efforts and different actions; our potential to proceed to develop our origination enterprise and enhance our origination volumes in a aggressive market and unsure rate of interest surroundings; uncertainty associated to claims, litigation, stop and desist orders and investigations introduced by authorities companies and personal events concerning our servicing, foreclosures, modification, origination and different practices, together with uncertainty associated to previous, current or future investigations, litigation, stop and desist orders and settlements with state regulators, the Client Monetary Safety Bureau (CFPB), State Attorneys Basic, the Securities and Change Fee (SEC), the Division of Justice or the Division of Housing and City Growth (HUD) and actions introduced below the False Claims Act concerning incentive and different funds made by governmental entities; opposed results on our enterprise because of regulatory investigations, litigation, stop and desist orders or settlements and associated responses by key counterparties, together with lenders, the GSEs and Ginnie Mae; our potential to adjust to the phrases of our settlements with regulatory companies, in addition to basic regulatory necessities, and the prices of doing so; elevated regulatory scrutiny and media consideration; any opposed developments in current authorized proceedings or the initiation of latest authorized proceedings; our potential to interpret appropriately and adjust to liquidity, web price and different monetary and different necessities of regulators, the GSEs and Ginnie Mae, in addition to these set forth in our debt and different agreements; our potential to adjust to our servicing agreements, together with our potential to adjust to our agreements with, and the necessities of, the GSEs and Ginnie Mae and preserve our vendor/servicer and different statuses with them; our potential to fund future attracts on current loans in our reverse mortgage portfolio; our servicer and credit score scores in addition to different actions from varied ranking companies, together with the affect of prior or future downgrades of our servicer and credit score scores; in addition to different dangers and uncertainties detailed in Ocwen’s studies and filings with the SEC, together with its annual report on Type 10-Okay for the yr ended December 31, 2019 and its present and quarterly studies since such date. Anybody wishing to know Ocwen’s enterprise ought to overview its SEC filings. Our forward-looking statements converse solely as of the date they’re made and, we disclaim any obligation to replace or revise forward-looking statements whether or not because of new info, future occasions or in any other case.
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