Ocwen Financial Files 2014 Form 10-K Without a Qualification About Its Ability to Operate as a Going Concern
May 11 2015 - 5:52PM
Ocwen Financial Corporation, (NYSE:OCN)
("Ocwen" or the "Company"), a leading financial
services holding company, today announced that it has filed its
2014 Form 10-K with the SEC.
"We believe the filing of our 2014 Form 10-K, without a
qualification as to our ability to operate as a going concern, is
additional evidence that our strategy to strengthen our compliance
management system, strengthen the service we provide to our
customers and improve our financial stability is working and that
confidence in the Company is being restored," stated Ron Faris,
President and Chief Executive Officer of Ocwen. "We can now focus
more of our resources and energies on building our origination
capabilities and executing on our 2015 strategic initiatives which
include:
- Improving the Company's risk management, compliance and
corporate governance programs;
- Improving capital efficiency and utilization;
- Achieving our internal earnings per share targets;
- Improving customer satisfaction and reducing defect rates;
- Improving delinquency rates and increasing non-foreclosure
resolutions;
- Improving diversity and inclusion programs;
- Improving franchise value and brand enhancement; and
- Completing key technological initiatives."
The Company expects to file its first quarter Form 10-Q on or
before May 18, 2015.
About Ocwen Financial Corporation
Ocwen Financial Corporation is a financial services holding
company which, through its subsidiaries, is engaged in the
servicing and origination of mortgage loans. Ocwen is headquartered
in Atlanta, Georgia, with offices throughout the United States and
support operations in India and the Philippines. Utilizing
proprietary technology, global infrastructure and superior training
and processes, Ocwen provides solutions that help homeowners and
make our clients' loans worth more. Ocwen may post information that
is important to investors on its website (www.Ocwen.com).
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements by their nature address matters
that are, to different degrees, uncertain. Forward-looking
statements involve a number of assumptions, risks and uncertainties
that could cause actual results to differ materially.
Important factors that could cause actual results to differ
materially from those suggested by the forward-looking statements
include, but are not limited to, the following: adverse effects on
our business as a result of recent regulatory settlements;
reactions to the announcement of such settlements by key
counterparties; increased regulatory scrutiny and media attention,
due to rumors or otherwise; uncertainty related to claims,
litigation and investigations brought by government agencies and
private parties regarding our servicing, foreclosure, modification
and other practices; any adverse developments in existing legal
proceedings or the initiation of new legal proceedings; our ability
to effectively manage our regulatory and contractual compliance
obligations; our ability to execute on our strategy to reduce the
size of our Agency servicing portfolio; the adequacy of our
financial resources, including our sources of liquidity and ability
to fund and recover advances, repay borrowings and comply with debt
covenants; our servicer and credit ratings as well as other actions
from various rating agencies, including the impact of recent
downgrades of our servicer and credit ratings; volatility in our
stock price; the characteristics of our servicing portfolio,
including prepayment speeds along with delinquency and advance
rates; our ability to contain and reduce our operating costs; our
ability to successfully modify delinquent loans, manage
foreclosures and sell foreclosed properties; uncertainty related to
legislation, regulations, regulatory agency actions, government
programs and policies, industry initiatives and evolving best
servicing practices; as well as other risks detailed in Ocwen's
reports and filings with the Securities and Exchange Commission
(SEC), including its annual report on Form 10-K for the year ended
December 31, 2014 (filed with the SEC on 05/11/15). Anyone wishing
to understand Ocwen's business should review its SEC filings.
Ocwen's forward-looking statements speak only as of the date they
are made and, except for our ongoing obligations under the U.S.
federal securities laws, we undertake no obligation to update or
revise forward-looking statements whether as a result of new
information, future events or otherwise.
CONTACT: Investors:
Stephen Swett
T: (203) 614-0141
E: shareholderrelations@ocwen.com
Media:
John Lovallo
T: (917) 612-8419
E: jlovallo@levick.com
Dan Rene
T: (202) 973 -1325
E:drene@levick.com
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