Nearly two years ago, Ocwen acquired PHH Corporation, and Glen Messina became the president and CEO of the newly combined companies. Today, Ocwen Financial Corporation is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. HousingWire spoke with Messina on the progress that’s been made in reshaping the mortgage servicer and originator, its evolving business model and its progress in turning around the company.
HousingWire: How does the Ocwen of today compare to the companies that merged two years ago?
Glen Messina: The Ocwen of today is a different organization, and I believe we are stronger, more efficient and more diversified. We’ve transformed the business to be both a lender and servicer, and our originations business is growing at a very fast clip to keep up with demand.
In servicing, we are one of the largest and most experienced special servicers, managing more than 1.3 million borrowers, thousands of investors and more than 100 subservicing clients. At the end of Q2, we serviced more than $206 billion in UPB.
On the originations side, we’ve built a scalable, multi-channel lending platform that has grown volume by 16X in just the past year. In August, we originated more than $2.5 billion in loans and flow MSRs, which puts us at an annual run-rate of $30 billion.
One thing that hasn’t changed is our commitment to our customers – helping homeowners is one of our guiding principles and our mission is focused on creating positive outcomes for homeowners, communities and investors.
Financially, we are in the final stages of arguably the most significant turnaround in the mortgage industry – our profitability is improving, our originations business is rapidly growing and our strong subservicing and special servicing capabilities position us very well to continue