Name change approved by shareholders, effective June 10
Ocwen Financial Corporation, a non-bank mortgage servicer and originator, has received the greenlight from shareholders to change its name to Onity Group Inc.
“We are very pleased that our shareholders have approved our name change to Onity Group. We look forward to this new chapter in our company’s history and to operating under the Onity brand, which reflects the evolution of our culture and the transformation of our company,” said Glen Messina, chair, president and CEO of Ocwen.
The company officially filed Articles of Amendment in Florida on May 28 to change its name effective June 10, 2024. Ocwen’s common stock will begin trading on the New York Stock Exchange under the new “ONIT” ticker symbol on that date.
“Rebranding to Onity signifies the confidence we have in our business, our capabilities and our team, as well as our unwavering focus on delivering on our commitments to our stakeholders,” Messina added.
The rebranding will not impact Ocwen’s primary mortgage brands, PHH Mortgage Corporation and Liberty Reverse Mortgage, for the time being. However, the company expects to rebrand those entities as Onity Mortgage in the fall of 2024 to align with the new corporate name.
According to Ocwen’s Press release, existing shareholders do not need to take any action, as the company’s CUSIP number for common stock will remain unchanged despite the name change.
Headquartered in West Palm Beach, Ocwen has been serving mortgage customers since 1988 through its PHH Mortgage servicing and lending operations, as well as its Liberty Reverse Mortgage lending business, which is one of the nation’s largest reverse mortgage providers.
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Ocwen first announced the rebranding plan on April 3 as part of the company’s transformation and evolution of its corporate culture.
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