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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q 
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from: ____________________ to ____________________
Commission File No. 1-13219
OCWEN FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Florida
 
65-0039856
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
1661 Worthington Road, Suite 100
 
33409
West Palm Beach,
Florida
 
(Address of principal executive office)
 
(Zip Code)
(561) 682-8000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 Par Value
OCN
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act) Yes No x
Number of shares of common stock outstanding as of July 31, 2020: 130,013,696 shares






OCWEN FINANCIAL CORPORATION
FORM 10-Q
TABLE OF CONTENTS
 
 
 
 
PAGE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


1



FORWARD-LOOKING STATEMENTS
This Quarterly Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this report, including statements regarding our financial position, business strategy and other plans and objectives for our future operations, are forward-looking statements.
Forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” or conditional verbs such as “will”, “may”, “should”, “could” or “would” or the negative of these terms, although not all forward-looking statements contain these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. As a result of the global Coronavirus Disease 2019 (COVID-19) pandemic we are in a period of capital markets volatility and rapidly evolving mortgage lending and servicing ecosystem which have magnified such uncertainties. Readers should bear these factors in mind when considering forward-looking statements and should not place undue reliance on such statements. Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those suggested by such statements. In the past, actual results have differed from those suggested by forward-looking statements and this may happen again. Important factors that could cause actual results to differ include, but are not limited to, the risks discussed or referenced under Item 1A, Risk Factors and the following:
uncertainty relating to the impacts of the COVID-19 pandemic, including with respect to the response of the U.S. government, state governments, Fannie Mae, Freddie Mac, Ginnie Mae and regulators;
the potential for ongoing COVID-19 related disruption in the financial markets and in commercial activity generally, increased unemployment, and other financial difficulties facing our borrowers;
the proportion of borrowers who enter into forbearance plans, the financial ability of borrowers to resume repayment and their timing for doing so;
impacts on our operations resulting from employee illness, social distancing measures and our shift to greater utilization of remote work arrangements;
the adequacy of our financial resources, including our sources of liquidity and ability to sell, fund and recover servicing advances, forward and reverse whole loans, and HECM and forward loan buyouts and put backs, as well as repay, renew and extend borrowings, borrow additional amounts as and when required, meet our MSR or other asset investment objectives and comply with our debt agreements, including the financial and other covenants contained in them;
uncertainty relating to the size and timing of a potential issuance of new term notes under our OMART advance financing facility;
increased servicing costs based on rising borrower delinquency levels or other factors;
reduced collection of servicing fees and ancillary income and delayed collection of servicing revenue a result of forbearance plans and moratoria on evictions and foreclosure proceedings;
the impact of our planned reverse stock split on our stock price, market capitalization, and the trading market for our common stock;
our ability to regain and maintain compliance with the continued listing standards of the New York Stock Exchange;
uncertainty related to our ability to execute on our cost re-engineering initiatives and take the other actions we believe are necessary for us to improve our financial performance;
uncertainty related to our ability to grow our lending business and increase our lending volumes in a competitive market and uncertain interest rate environment;
uncertainty related to our long-term relationship and remaining agreements with New Residential Investment Corp. (NRZ), our largest servicing client;
our ability to execute an orderly and timely transfer of responsibilities in connection with the termination by NRZ of our legacy PHH Mortgage Corporation (PMC) subservicing agreement, including our ability to respond to any concerns raised by regulators, lenders and other contractual counterparties in connection with such transfer;
uncertainty related to claims, litigation, cease and desist orders and investigations brought by government agencies and private parties regarding our servicing, foreclosure, modification, origination and other practices, including uncertainty related to past, present or future investigations, litigation, cease and desist orders and settlements with state regulators, the Consumer Financial Protection Bureau (CFPB), State Attorneys General, the Securities and Exchange Commission (SEC), the Department of Justice or the Department of Housing and Urban Development (HUD) and actions brought under the False Claims Act regarding incentive and other payments made by governmental entities;
adverse effects on our business as a result of regulatory investigations, litigation, cease and desist orders or settlements;

2



reactions to the announcement of such investigations, litigation, cease and desist orders or settlements by key counterparties, including lenders, the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae);
our ability to comply with the terms of our settlements with regulatory agencies and the costs of doing so;
increased regulatory scrutiny and media attention;
any adverse developments in existing legal proceedings or the initiation of new legal proceedings;
our ability to effectively manage our regulatory and contractual compliance obligations;
our ability to interpret correctly and comply with liquidity, net worth and other financial and other requirements of regulators, Fannie Mae, Freddie Mac and Ginnie Mae, as well as those set forth in our debt and other agreements;
our ability to comply with our servicing agreements, including our ability to comply with our agreements with, and the requirements of, Fannie Mae, Freddie Mac and Ginnie Mae and maintain our seller/servicer and other statuses with them;
our servicer and credit ratings as well as other actions from various rating agencies, including the impact of prior or future downgrades of our servicer and credit ratings;
failure of our information technology or other security systems or breach of our privacy protections, including any failure to protect customers’ data;
our reliance on our technology vendors to adequately maintain and support our systems, including our servicing systems, loan originations and financial reporting systems, and uncertainty relating to our ability to transition to alternative vendors, if necessary, without incurring significant cost or disruption to our operations;
the loss of the services of our senior managers and key employees;
uncertainty related to the actions of loan owners and guarantors, including mortgage-backed securities investors, Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, the GSEs), Government National Mortgage Association (Ginnie Mae) and trustees regarding loan put-backs, penalties and legal actions;
uncertainty related to the GSEs substantially curtailing or ceasing to purchase our conforming loan originations or the Federal Housing Administration (FHA) of the HUD or Department of Veterans Affairs (VA) ceasing to provide insurance;
uncertainty related to our ability to continue to collect certain expedited payment or convenience fees and potential liability for charging such fees;
uncertainty related to our reserves, valuations, provisions and anticipated realization of assets;
uncertainty related to the ability of third-party obligors and financing sources to fund servicing advances on a timely basis on loans serviced by us;
the characteristics of our servicing portfolio, including prepayment speeds along with delinquency and advance rates;
our ability to successfully modify delinquent loans, manage foreclosures and sell foreclosed properties;
uncertainty related to the processes for judicial and non-judicial foreclosure proceedings, including potential additional costs or delays or moratoria in the future or claims pertaining to past practices;
our ability to adequately manage and maintain real estate owned (REO) properties and vacant properties collateralizing loans that we service;
uncertainty related to legislation, regulations, regulatory agency actions, regulatory examinations, government programs and policies, industry initiatives and evolving best servicing practices;
our ability to realize anticipated future gains from future draws on existing loans in our reverse mortgage portfolio;
our ability to effectively manage our exposure to interest rate changes and foreign exchange fluctuations;
our ability to effectively transform our operations in response to changing business needs, including our ability to do so without unanticipated adverse tax consequences;
uncertainty related to the political or economic stability of the United States and of the foreign countries in which we have operations; and
our ability to maintain positive relationships with our large shareholders and obtain their support for management proposals requiring shareholder approval.
Further information on the risks specific to our business is detailed within this report and our other reports and filings with the SEC including our Annual Report on Form 10-K for the year ended December 31, 2019 and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K since such date. Forward-looking statements speak only as of the date they were made and we disclaim any obligation to update or revise forward-looking statements whether because of new information, future events or otherwise.



3

PART I – FINANCIAL INFORMATION
ITEM 1. UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share data)

 
June 30, 2020
 
December 31, 2019
Assets
 

 
 

Cash and cash equivalents
$
313,736

 
$
428,339

Restricted cash (amounts related to variable interest entities (VIEs) of $17,373 and $20,434)
63,813

 
64,001

Mortgage servicing rights (MSRs), at fair value
1,044,914

 
1,486,395

Advances, net (amounts related to VIEs of $726,856 and $801,990)
901,009

 
1,056,523

Loans held for sale ($253,037 and $208,752 carried at fair value)
278,517

 
275,269

Loans held for investment, at fair value (amounts related to VIEs of $11,664 and $23,342)
6,730,656

 
6,292,938

Receivables, net
247,616

 
201,220

Premises and equipment, net
29,695

 
38,274

Other assets ($24,788 and $8,524 carried at fair value) (amounts related to VIEs of $8,301 and $4,078)
700,482

 
563,240

Total assets
$
10,310,438

 
$
10,406,199


 
 
 
Liabilities and Equity
 

 
 

Liabilities
 

 
 

Home Equity Conversion Mortgage-Backed Securities (HMBS) related borrowings, at fair value
$
6,477,616

 
$
6,063,435

Advance match funded liabilities (related to VIEs)
612,650

 
679,109

Other financing liabilities, at fair value (amounts related to VIEs of $11,664 and $22,002)
594,222

 
972,595

Other secured borrowings, net (amounts related to VIEs $184,129 and $240,893)
847,331

 
1,025,791

Senior notes, net
311,484

 
311,085

Other liabilities ($1,033 and $100 carried at fair value) (amounts related to VIEs of $95 and $144)
1,034,366

 
942,173

Total liabilities
9,877,669

 
9,994,188


 
 
 
Commitments and Contingencies (Notes 20 and 21)


 



 
 
 
Stockholders’ Equity
 

 
 

Common stock, $.01 par value; 200,000,000 shares authorized; 130,008,898 and 134,862,232 shares issued and outstanding at June 30, 2020 and December 31, 2019 respectively
1,300

 
1,349

Additional paid-in capital
553,934

 
556,798

Accumulated deficit
(115,039
)
 
(138,542
)
Accumulated other comprehensive loss, net of income taxes
(7,426
)
 
(7,594
)
Total stockholders’ equity
432,769

 
412,011

Total liabilities and stockholders’ equity
$
10,310,438

 
$
10,406,199



The accompanying notes are an integral part of these unaudited consolidated financial statements

4


OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)

 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Revenue
 
 
 
 
 
 
 
Servicing and subservicing fees
$
175,240

 
$
239,960

 
$
386,723

 
$
496,576

Reverse mortgage revenue, net
13,759

 
20,493

 
36,556

 
52,616

Gain on loans held for sale, net
33,547

 
8,318

 
46,878

 
17,300

Other revenue, net
4,478

 
5,567

 
10,709

 
11,734

Total revenue
227,024

 
274,338

 
480,866

 
578,226


 
 
 
 
 
 
 
MSR valuation adjustments, net
(23,434
)
 
(147,268
)
 
(197,554
)
 
(256,266
)
 
 
 
 
 
 
 
 
Operating expenses
 
 
 
 
 

 
 

Compensation and benefits
65,017

 
82,283

 
125,745

 
176,979

Servicing and origination
17,361

 
21,510

 
37,617

 
50,208

Professional services
23,818

 
37,136

 
49,455

 
40,577

Technology and communications
16,111

 
20,001

 
31,304

 
44,436

Occupancy and equipment
16,136

 
18,699

 
28,105

 
35,288

Other expenses
6,366

 
4,597

 
9,797

 
7,845

Total operating expenses
144,809

 
184,226

 
282,023

 
355,333


 
 
 
 
 
 
 
Other income (expense)
 
 
 
 
 
 
 
Interest income
3,566

 
3,837

 
8,961

 
8,395

Interest expense
(26,760
)
 
(28,641
)
 
(56,742
)
 
(55,130
)
Pledged MSR liability expense
(41,686
)
 
(2,930
)
 
(48,280
)
 
(46,886
)
Other, net
(57
)
 
557

 
1,271

 
1,577

Total other expense, net
(64,937
)
 
(27,177
)
 
(94,790
)
 
(92,044
)

 
 
 
 
 
 
 
Loss before income taxes
(6,156
)
 
(84,333
)
 
(93,501
)
 
(125,417
)
Income tax (benefit) expense
(8,110
)
 
5,404

 
(69,966
)
 
8,814

Net income (loss)
$
1,954

 
$
(89,737
)
 
$
(23,535
)
 
$
(134,231
)

 
 
 
 
 
 
 
Earnings (loss) per share
 
 
 
 
 
 
 
Basic
$
0.02

 
$
(0.67
)
 
$
(0.18
)
 
$
(1.00
)
Diluted
$
0.02

 
$
(0.67
)
 
$
(0.18
)
 
$
(1.00
)

 
 
 
 
 
 
 
Weighted average common shares outstanding
 
 
 
 
 
 
 
Basic
129,769,092

 
134,465,741

 
132,313,964

 
134,193,874

Diluted
129,922,343

 
134,465,741

 
132,313,964

 
134,193,874

 
 
 
 
 
 
 
 
Pro forma earnings (loss) per share assuming a one-for-15 reverse stock split (1)
 
 
 
 
 
 
 
Basic
$
0.23

 
$
(10.01
)
 
$
(2.67
)
 
$
(15.00
)
Diluted
$
0.23

 
$
(10.01
)
 
$
(2.67
)
 
$
(15.00
)
(1)
See Note 17 – Basic and Diluted Earnings (Loss) per Share regarding the reverse stock split expected to be effective in August 2020.

The accompanying notes are an integral part of these unaudited consolidated financial statements

5


OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in thousands)

 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Net income (loss)
$
1,954

 
$
(89,737
)
 
$
(23,535
)
 
$
(134,231
)
 
 
 
 
 
 
 
 
Other comprehensive income, net of income taxes:
 

 
 

 
 
 
 

Reclassification adjustment for losses on cash flow hedges included in net income
40

 
36

 
76

 
70

Change in unfunded pension plan obligation liability
46

 
337

 
92

 
674

Other

 
7

 

 
13

Comprehensive income (loss)
$
2,040

 
$
(89,357
)
 
$
(23,367
)
 
$
(133,474
)





The accompanying notes are an integral part of these unaudited consolidated financial statements

6



OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE THREE MONTHS ENDED JUNE 30, 2020 AND 2019
(Dollars in thousands, except per share data)


 
Common Stock
 
Additional Paid-in Capital
 
(Accumulated Deficit) Retained Earnings
 
Accumulated Other Comprehensive Income (Loss), Net of Income Taxes
 
Total
 
Shares
 
Amount
 
 
 
 
Three Months Ended June 30, 2020 and 2019
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2020
129,582,259

 
$
1,296

 
$
553,066

 
$
(116,993
)
 
$
(7,512
)
 
$
429,857

Net income

 

 

 
1,954

 

 
1,954

Equity-based compensation and other
426,639

 
4

 
868

 

 

 
872

Other comprehensive income, net of income taxes

 

 

 

 
86

 
86

Balance at June 30, 2020
130,008,898

 
$
1,300

 
$
553,934

 
$
(115,039
)
 
$
(7,426
)
 
$
432,769

 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2019
133,946,055

 
$
1,339

 
$
555,046

 
$
(40,911
)
 
$
(3,880
)
 
$
511,594

Net loss

 

 

 
(89,737
)
 

 
(89,737
)
Equity-based compensation and other
649,743

 
7

 
650

 

 

 
657

Other comprehensive income, net of income taxes

 

 

 

 
380

 
380

Balance at June 30, 2019
134,595,798

 
$
1,346

 
$
555,696

 
$
(130,648
)
 
$
(3,500
)
 
$
422,894
















The accompanying notes are an integral part of these unaudited consolidated financial statements

7



OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED JUNE 30, 2020 AND 2019
(Dollars in thousands, except per share data)


 
Common Stock
 
Additional Paid-in Capital
 
(Accumulated Deficit) Retained Earnings
 
Accumulated Other Comprehensive Loss, Net of Income Taxes
 
Total
 
Shares
 
Amount
 
 
 
 
Six Months Ended June 30, 2020 and 2019
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2019
134,862,232

 
$
1,349

 
$
556,798

 
$
(138,542
)
 
$
(7,594
)
 
$
412,011

Net loss

 

 

 
(23,535
)
 

 
(23,535
)
Cumulative effect of adoption of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-13

 

 

 
47,038

 

 
47,038

Repurchase of common stock
(5,662,257
)
 
(57
)
 
(4,548
)
 

 

 
(4,605
)
Equity-based compensation and other
808,923

 
8

 
1,684

 

 

 
1,692

Other comprehensive income, net of income taxes

 

 

 

 
168

 
168

Balance at June 30, 2020
130,008,898

 
$
1,300

 
$
553,934

 
$
(115,039
)
 
$
(7,426
)
 
$
432,769

 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018
133,912,425

 
$
1,339

 
$
554,056

 
$
3,567

 
$
(4,257
)
 
$
554,705

Net loss

 

 

 
(134,231
)
 

 
(134,231
)
Cumulative effect of adoption of FASB ASU No. 2016-02

 

 

 
16

 

 
16

Equity-based compensation and other
683,373

 
7

 
1,640

 

 

 
1,647

Other comprehensive income, net of income taxes

 

 

 

 
757

 
757

Balance at June 30, 2019
134,595,798

 
$
1,346

 
$
555,696

 
$
(130,648
)
 
$
(3,500
)
 
$
422,894



The accompanying notes are an integral part of these unaudited consolidated financial statements

8


OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)

 
For the Six Months Ended June 30,
 
2020
 
2019
Cash flows from operating activities
 

 
 

Net loss
$
(23,535
)
 
$
(134,231
)
Adjustments to reconcile net loss to net cash provided by operating activities:
 

 
 

MSR valuation adjustments, net
197,554

 
256,266

Gain on sale of MSRs, net
(161
)
 
(869
)
Provision for bad debts
11,939

 
17,158

Depreciation
11,093

 
19,563

Amortization of debt issuance costs
3,538

 
1,451

Equity-based compensation expense
1,523

 
1,664

Gain on valuation of financing liability
(31,716
)
 
(76,981
)
Net gain on valuation of loans held for investment and HMBS-related borrowings
(15,351
)
 
(37,201
)
Gain on loans held for sale, net
(46,878
)
 
(17,300
)
Bargain purchase gain

 
381

Origination and purchase of loans held for sale
(1,949,022
)
 
(501,696
)
Proceeds from sale and collections of loans held for sale
1,936,204

 
513,706

Changes in assets and liabilities:
 

 
 

Decrease in advances, net
144,020

 
91,679

Decrease in receivables and other assets, net
39,998

 
79,931

Decrease in other liabilities
(45,533
)
 
(79,753
)
Other, net
(8,854
)
 
(4,965
)
Net cash provided by operating activities
224,819

 
128,803


 
 
 
Cash flows from investing activities
 

 
 

Origination of loans held for investment
(568,074
)
 
(427,021
)
Principal payments received on loans held for investment
370,114

 
232,514

Purchase of MSRs
(48,014
)
 
(99,382
)
Proceeds from sale of MSRs

 
1,401

Proceeds from sale of advances
443

 
2,132

Additions to premises and equipment
(2,756
)
 
(1,133
)
Proceeds from sale of real estate
4,350

 
3,166

Proceeds from sale of premises and equipment
674

 

Other, net
(122
)
 
534

Net cash used in investing activities
(243,385
)
 
(287,789
)

 
 
 
Cash flows from financing activities
 

 
 

Repayment of advance match funded liabilities, net
(66,459
)
 
(106,488
)
Proceeds from mortgage loan warehouse facilities and other secured borrowings
2,696,563

 
1,137,418

Repayment of mortgage loan warehouse facilities and other secured borrowings
(2,808,581
)
 
(1,222,471
)
Proceeds from issuance of additional senior secured term loan (SSTL)

 
119,100

Repayment of SSTL borrowings
(131,066
)
 
(12,716
)
Payment of debt issuance costs