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О R OC WEN Ocwen Financial CorporationⓇ OCWEN FINANCIAL PROVIDES BUSINESS UPDATE AND PRELIMINARY FIRST QUARTER 2021 RESULTS Continued earnings improvement and strong originations activity Positive operating and financial momentum West Palm Beach , FL - ( April 28 , 2021 ) - Ocwen Financial Corporation ( NYSE : OCN ) ( " Ocwen ” or the " Company " ) , a leading non - bank mortgage servicer and originator , today provided preliminary information regarding its first quarter 2021 results and progress on the Company's key business priorities . Apresentation with additional detail regarding today's announcement will be available on the Ocwen Financial Corporation website at www.ocwen.com ( through a link on the Shareholder Relations page ) prior to the Company's preliminary first quarter 2021 earnings conference call scheduled for Thursday , April 29 , 2021 at 8:30 am ET . The Company reported net income of $ 8.5 million and pre - tax income of $ 11.6 million , for the first quarter of 2021 compared to a net loss of $ 25.5 million and a pre - tax loss of $ 87.3 million for the first quarter of 2020. Adjusted pre - tax income was $ 6.6 million for the quarter compared to a $ 23.4 million adjusted pre - tax loss excluding NRZ lump - sum amortization for the first quarter of 2020 ( see “ Note Regarding Non - GAAP Financial Measures " below ) . Glen A. Messina , President and CEO of Ocwen , said , " We continue to deliver strong operating and financial results as we pivot from turnaround to sustained growth and improved profitability . Our growth plans are exceeding expectations and we have increased our target for total servicing additions to up to $ 150 billion . First quarter funded volume and letters of intent for bulk purchases total roughly 50 % of this target . In addition , we completed our corporate debt refinancing and announced the acquisition of the MSR portfolio and correspondent lending platform from Texas Capital Bank . Overall , we are pleased with our strong progress on driving our objectives of growth , cost leadership , and operational excellence to achieve our profitability goals for 2021. " The Company reported the following preliminary results for the first quarter of 2021 ( see “ Note Regarding Non- GAAP Financial Measures ” and “ Note Regarding Financial Performance Estimates ” below ) : • Pre - tax income was $ 11.6 million compared to pre - tax loss of $ 87.3 million for the first quarter of 2020 . Adjusted pre - tax income was $ 6.6 million ; the sixth consecutive quarter of positive adjusted pre - tax income . Q1 Notables includes $ 20.5 million favorable net MSR valuation adjustment and $ 15.5 million loss due to transaction costs associated with the refinance of corporate debt . Entered into letters of intent for the bulk purchase of $ 68 billion in MSR UPB , including the previously announced $ 14 billion MSR purchase from Texas Capital Bank . Closed first tranche of Oaktree Notes and refinanced our corporate debt extending 100 % of our corporate debt maturities beyond 2025 . • Approximately $ 276 million of unrestricted cash and available credit at March 31 , 2021 , in line with $ 285 1