WEST PALM Seashore, Fla., Feb. 02, 2021 (World NEWSWIRE) — Ocwen Fiscal Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a main non-lender mortgage loan servicer and originator, right now announced that its subsidiary PHH Company (“PHH”) has specified see of its intention to redeem on March 4, 2021 (the “Redemption Date”) all of its exceptional 6.375% Senior Notes because of 2021 (the “2021 Notes”) and also that its subsidiary PHH Home finance loan Corporation (“PMC” and with each other with PHH, the “Issuers” and every single, an “Issuer”) has specified detect of its intention to redeem on the Redemption Date all of its superb 8.375% Senior Secured Second Lien Notes thanks 2022 (the “2022 Notes”).
The 2021 Notes will be redeemed at a selling price of 100% of the principal amount of money thereof, as well as accrued and unpaid interest to, but not including, the Redemption Date (equal to $1,003.36 for each $1,000 principal quantity). The Lender of New York Mellon Believe in Corporation, N.A., the trustee for the 2021 Notes, has dispersed a See of Redemption on behalf of PHH to all registered holders of the 2021 Notes. Copies of this kind of See of Redemption and supplemental data associated to the redemption of the 2021 Notes might be obtained from the Corporation.
The 2022 Notes will be redeemed at a price of 102.094% of the principal amount thereof, plus accrued and unpaid desire to, but not which includes, the Redemption Date (equivalent to $1,046.30 for each $1,000 principal sum). Wilmington Have faith in, Countrywide Association, the trustee for the 2022 Notes, has distributed a Recognize of Redemption on behalf of PMC to all registered holders of the 2022 Notes. Copies of these Observe of Redemption and supplemental data relevant to the redemption of the 2022 Notes might be obtained from the Company.
The obligation of each Issuer to redeem the respective collection of notes is subject matter to this sort of Issuer or its affiliates finishing a financial debt financing that will give resources ample to fork out the redemption selling price in total for the respective collection of notes (the “Financing Condition”). Accordingly, the Redemption Date for just about every series of notes might be extended till the Financing Issue is contented or waived by the respective Issuer in its sole discretion. If the Funding Issue is not satisfied for any series of notes, the respective Issuer may elect to rescind the Discover of Redemption for such sequence of notes, terminate the redemption, and return any tendered notes of this sort of collection to the holders thereof. If the Redemption Day for any collection of notes is extended or the redemption is terminated, the respective Issuer will present recognize to noteholders of this sort of collection of notes no later than 5:00 p.m. New York time on the organization day instantly preceding the Redemption Day.
Until an Issuer defaults in paying the redemption cost in complete for the respective collection of notes on the Redemption Day and assuming the relevant Redemption See is not rescinded, desire on this kind of collection of notes shall cease to accrue on and following the Redemption Day, and the only remaining suitable of the noteholders of these types of collection of notes will be to acquire payment of the applicable redemption cost upon surrender of their notes.
This push launch is for info applications only and shall not represent the formal Recognize of Redemption demanded under the indentures governing the 2021 Notes and the 2022 Notes.
About Ocwen Money Corporation
Ocwen Economic Company (NYSE: OCN) is a major non-financial institution property finance loan servicer and originator offering solutions by means of its principal manufacturers, PHH Mortgage loan and Liberty Reverse Home finance loan. PHH House loan is just one of the greatest servicers in the state, centered on delivering a range of servicing and lending applications. Liberty is a single of the nation’s largest reverse mortgage loan providers devoted to instruction and offering financial loans that assistance clients fulfill their private and money requires. We are headquartered in West Palm Seashore, Florida, with places of work in the United States and the U.S. Virgin Islands and operations in India and the Philippines, and have been serving our shoppers due to the fact 1988. For extra facts, remember to go to our web site ( www.ocwen.com ).
This press launch incorporates ahead-hunting statements within the that means of Portion 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These ahead-hunting statements may perhaps be recognized by a reference to a potential period or by the use of forward-hunting terminology. Forward-seeking statements are commonly determined by phrases these kinds of as “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” or conditional verbs these types of as “will”, “may”, “should”, “could” or “would” or the negative of these phrases, while not all forward-looking statements consist of these phrases. Forward-searching statements by their mother nature handle issues that are, to distinct levels, unsure. We are in the midst of a interval of funds marketplaces volatility and suffering from significant changes in just the property finance loan lending and servicing ecosystem which have magnified such uncertainties. Visitors should bear these factors in thoughts when considering these types of statements and ought to not spot undue reliance on these statements.
Forward-looking statements require a range of assumptions, pitfalls and uncertainties that could bring about precise outcomes to differ materially. In the earlier, precise benefits have differed from those proposed by ahead wanting statements and this might happen all over again. Essential variables that could trigger precise effects to vary materially from people instructed by the forward-on the lookout statements include things like, but are not minimal to, uncertainty relating to the long term impacts of the COVID-19 pandemic, which include with regard to the response of the U.S. government, state governments, the Federal Countrywide Mortgage loan Association (Fannie Mae), the Federal Household Personal loan House loan Company (Freddie Mac, and collectively with Fannie Mae, the GSEs), the Governing administration Nationwide Property finance loan Affiliation (Ginnie Mae) and regulators, as effectively as the likely for ongoing disruption in the fiscal markets and in business exercise frequently, increased unemployment, and other fiscal issues struggling with our borrowers impacts on our functions ensuing from employee sickness, social distancing measures and our shift to greater utilization of remote get the job done preparations the adequacy of our economic means, which include our resources of liquidity and ability to market, fund and get better servicing advances, ahead and reverse whole loans, and HECM and forward mortgage buyouts and put backs, as very well as repay, renew and extend borrowings, borrow further quantities as a
nd when demanded, meet our MSR or other asset expenditure targets and comply with our debt agreements, including the money and other covenants contained in them improved servicing prices primarily based on greater borrower delinquency stages or other things our skill to collect predicted tax refunds, which include on the timeframe expected the long run of our very long-expression relationship and remaining servicing agreements with New Household Expense Corp. (NRZ), our means to execute an orderly and well timed transfer of tasks in relationship with the formerly disclosed termination by NRZ of the PMC subservicing agreement, like our means to answer to any issues raised by regulators, loan companies and other contractual counterparties in connection with this kind of transfer our ability to timely change our price tag framework and operations as the financial loan transfer system is staying concluded in response to the earlier disclosed termination by NRZ of the PMC subservicing settlement our capacity to carry on to make improvements to our financial efficiency by way of charge re-engineering attempts and other steps our capability to keep on to develop our origination organization and enhance our origination volumes in a competitive industry and uncertain interest charge natural environment uncertainty similar to statements, litigation, cease and desist orders and investigations introduced by govt agencies and personal events relating to our servicing, foreclosures, modification, origination and other procedures, like uncertainty linked to past, present or potential investigations, litigation, cease and desist orders and settlements with condition regulators, the Buyer Money Safety Bureau (CFPB), Point out Attorneys Normal, the Securities and Exchange Fee (SEC), the Division of Justice or the Office of Housing and City Development (HUD) and actions introduced beneath the False Claims Act about incentive and other payments created by governmental entities adverse outcomes on our enterprise as a result of regulatory investigations, litigation, cease and desist orders or settlements and associated responses by important counterparties, together with creditors, the GSEs and Ginnie Mae our capability to comply with the terms of our settlements with regulatory companies, as very well as normal regulatory necessities, and the charges of doing so amplified regulatory scrutiny and media notice any adverse developments in existing authorized proceedings or the initiation of new lawful proceedings our skill to interpret appropriately and comply with liquidity, net truly worth and other economical and other requirements of regulators, the GSEs and Ginnie Mae, as very well as individuals established forth in our personal debt and other agreements our skill to comply with our servicing agreements, together with our capacity to comply with our agreements with, and the prerequisites of, the GSEs and Ginnie Mae and keep our vendor/servicer and other statuses with them our means to fund future draws on current loans in our reverse mortgage loan portfolio our servicer and credit score ratings as perfectly as other actions from various rating companies, which includes the affect of prior or long term downgrades of our servicer and credit history scores as nicely as other hazards and uncertainties specific in Ocwen’s stories and filings with the SEC, such as its yearly report on Sort 10-K for the calendar year finished December 31, 2019 and its present-day and quarterly reviews given that this sort of day. Anybody wishing to comprehend Ocwen’s organization ought to overview its SEC filings. Our forward-on the lookout statements discuss only as of the day they are manufactured and, we disclaim any obligation to update or revise ahead-hunting statements whether or not as a final result of new info, long run functions or or else.
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