Ocwen Financial Declares Amendment to help you Elderly Shielded Label Mortgage

Independence is just one of the country’s biggest reverse lenders devoted so you can studies and you can bringing fund that help customers see their private and you can monetary needs

West Palm Beach, Fla., (Globe NEWSWIRE) — Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or perhaps the “Company”), a respected non-lender home loan servicer and you can creator, revealed now it enjoys joined with the an amendment in order to their Elder Secure Term Financing (“SSTL”) you to stretches new readiness big date so you’re able to . Within the transaction, the new a great balance of SSTL try quicker regarding $326 million so you’re able to $two hundred mil.

Glen A beneficial. Messina, President and you may Chief executive officer off Ocwen told you, “I’m delighted i closed towards the modification and expansion from our very own SSTL and wish to express my appreciation to your lenders because of their help. That it deal represents the culmination of our 2019 capital framework bundle and helps the healthy way of decreasing our cost of money, keeping sufficient liquidity and you can sustaining monetary autonomy. The brand new facility avoidance is actually facilitated from the proceeds from our very own earlier MSR funding or other arranged money procedures. As a result, we have highlighted cheaper planned fund financial obligation while keeping leverage within sensible account.”

Mr. Messina added, “The fresh new extension of the SSTL affords you longer to execute against the plans targeted at boosting economic results and you may enough time-label competitiveness, which will deliver the opportunity to after that extend the business financial obligation within the next day supported by increased organization overall performance, just in case we are able to achieve all of our team and you will monetary objectives there are no unexpected adverse situations.”

Ocwen Economic Organization (NYSE: OCN) was a number one low-bank mortgage servicer and creator taking possibilities using their no. 1 brands, PHH Home loan Company (PHH Home loan) and you may Freedom House Security Choices, Inc

(Liberty). PHH Financial is among the premier servicers in the nation, focused on providing many upkeep and you may credit programs. Our company is headquartered within the Western Palm Coastline, Florida, with practices in the united states together with You.S. Virgin Countries and operations in the India plus the Philippines, and also have become serving our consumers while the 1988. To find out more, kindly visit all of our webpages (ocwen).

It press release consists of give-looking statements in meaning of Area same day payday loans in Hanceville 27A of the Securities Work regarding 1933, once the amended, and Section 21E of your Ties Replace Act out-of 1934, due to the fact revised. These types of send-lookin statements is generally acquiesced by a mention of a future several months or by way of submit-lookin terminology. Forward-lookin comments are generally acknowledged by terminology such as for example “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and you may “project” otherwise conditional verbs instance “will”, “may”, “should”, “could” or “would” or the bad of them conditions, but not all of the forward-searching comments include this type of terms. Forward-appearing statements from the their characteristics target things that will be, to different values, not sure. The business has been in the process of nice alter which includes magnified including concerns. Customers should bear such facts planned about such statements and cannot set undue reliance upon such as for instance statements.

Forward-appearing statements encompass a great amount of presumptions, dangers and concerns that will cause genuine leads to disagree materially. Prior to now, real performance keeps differed away from those people ideal by forward-looking statements and that can happen once more. Points that could end up in genuine results to disagree materially of the individuals advised because of the submit-lookin comments are, but they are not restricted so you can, the second: uncertainty linked to the capability to understand the brand new proper objectives, synergies and other benefits of the purchase out-of PHH Organization (PHH) during the time forecast otherwise anyway, together with our very own capability to add, care for and enhance PHH’s maintenance, subservicing and other providers matchmaking, including the reference to The Home-based Money Corp. Anybody looking to discover Ocwen’s organization would be to review the SEC filings. Ocwen’s submit-appearing statements speak only at the time of the fresh big date he or she is made and, i disclaim people obligation so you’re able to revision otherwise upgrade send-searching statements if or not down seriously to new information, upcoming incidents otherwise.