Nonbank mortgage lender and servicer Ocwen Financial Corp. announced on Wednesday that Sean O’Neil is joining the company as executive vice president and chief financial officer. O’Neil will start at Ocwen on June 13 to lead the firm’s global finance organization amid a challenging mortgage origination market.
Before landing at Ocwen, the executive served as the CFO for Bayview Asset Management for six years. Prior to that, he held positions at Wells Fargo, Eastern Community Bank and Wachovia’s Wealth Management Group.
According to Glen Messina, president and CEO of Ocwen, O’Neil has a track record of driving profitable growth, optimizing liquidity and strategic planning. “That will be instrumental as we continue to navigate a challenging mortgage originations market.”
O’Neil is replacing June Campbell, who leaves the company to pursue opportunities outside of Ocwen. She arrived in March 2019, in the early stages of the Ocwen-PHH merger and integration.
In the first quarter, Ocwen reported a $58 million profit, a significant improvement over the $2 million loss in the fourth quarter of 2021. And year over year it increased its profits by a factor of six compared to the $8.5 million in net income reported in the first quarter of 2021. The fair value gains on the company mortgage servicing rights (MSRs) of $56 million more than offset a pre-tax loss in forward originations.
In light of decreasing forward origination, Ocwen is also boosting its reverse originations, with its subsidiary PHH Mortgage Corp. completing the acquisition of Reverse Mortgage Solutions in October.
With total originations expected to shrink 35%, (from $4 trillion in 2020 and 2021 to $2.5 trillion for the next three years), some lenders will be on the losing end of the equation. But what if you had an unfair advantage in this climate? This white paper will cover how you can tap into an unfair advantage that helps you not only survive, but thrive.
Presented by: Teraverde
Earlier this month, a U.S. Court of Appeals ruled that most complaints in the Consumer Financial Protection Bureau’s attempt to revive a mortgage servicing misconduct lawsuit against Ocwen are barred because of a 2014 consent order.