Onity Group Inc. (NYSE: ONIT) announced that its mortgage subsidiary has officially changed its name from PHH Mortgage Corporation to Onity Mortgage Corporation, according to a company statement.

The rebrand brings the mortgage platform under the Onity brand name and includes redesigned websites and communication tools for clients and consumers. The company's reverse mortgage product, previously known as Liberty Reverse Mortgage, has also been incorporated under the Onity Mortgage name.

"Today marks another important milestone in our multi-year transformation as PHH Mortgage officially becomes Onity Mortgage," said Glen A. Messina, Chair, President and CEO of Onity Group.

The new brand uses the current Onity logo and visual identity to create consistency across the company's operations. Onity Mortgage will leverage the same visual elements as the parent company.

Onity Group operates as a non-bank financial services company providing mortgage servicing and originations through its mortgage subsidiary. The company is headquartered in West Palm Beach, Florida, with additional offices in the United States, U.S. Virgin Islands, India and the Philippines.

The rebranding represents part of what the company describes as a multi-year transformation process. Onity has been serving customers since 1988 and positions itself as one of the larger mortgage servicers in the country.