Ocwen Financial (OCN) Provides Update on Correspondent Lending Channel Growth and Organization
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Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today provided an update on the significant growth in its Correspondent Lending channel, and announced the addition of senior sales executives to its team. The Company’s Correspondent Lending business provides originations solutions and operates under its PHH Mortgage (“PHH”) brand.
Over the first nine months of the year, the PHH Correspondent Lending channel originated $10.5 billion of volume, an increase of approximately 240% over the same period last year. The channel achieved an annualized run-rate volume of $21.6 billion in the third quarter. Additionally, PHH grew its correspondent and flow seller base to 700 at the end of the third quarter, an increase of approximately 250% year over year.
PHH is rapidly building an industry leading, full-service Correspondent Lending business that is primarily being driven by strategic transactions, new products and sales team expansion.
In June, the Company completed its previously announced acquisition of Texas Capital Bank’s (TCB) Correspondent Lending business, bringing onboard the majority of TCB’s Correspondent Lending personnel and more than 200 new sellers. In the second quarter of the year, PHH rolled out a Best Efforts program option and in September it launched a Non-Delegated program option to add to its existing Mandatory and Flow MSR offerings.
PHH also announced several new executives within the Correspondent channel. New additions include Scott Loddeke, Vice President of Correspondent Operations, who joined PHH from TCB; Christian Stevens, Vice President and West Division Sales, who joined PHH from Mr. Cooper; Tony Millis, Vice President and Central Division Sales, who most recently served at JPMorgan Chase; and Sean Marr, who has been promoted to Vice President and East Division Sales. PHH continues to add new sales and operations staff to support the considerable growth in its Correspondent channel.
“Our Correspondent Lending business is having a sensational year in terms of volume, seller growth, new product expansion and our ability to attract top industry talent,” said Andy Peach, Senior Vice President, Correspondent Lending. “Taken as a whole, our multi-channel origination platform — correspondent, bulk MSR purchases, co-issue programs, subservicing, consumer direct and reverse mortgage — has already surpassed the total originations volume for all of 2020 and is on a path to set a new record for this year.”
The Company expects to provide its next business update and release third quarter 2021 results in early November.
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