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О Ⓡ OC WEN Ocwen Financial Corporation® OCWEN FINANCIAL PROVIDES BUSINESS UPDATE AND SECOND QUARTER 2021 RESULTS West Palm Beach , FL - ( August 4 , 2021 ) – Ocwen Financial Corporation ( NYSE : OCN ) ( " Ocwen " or the " Company " ) , a leading non - bank mortgage servicer and originator , today provided information regarding its second quarter 2021 results and progress on the Company's key business priorities . A presentation 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 second quarter 2021 earnings conference call scheduled for Thursday , August 5 , 2021 at 8:30 am ET . The Company reported net loss of $ 10.3 million and pre - tax loss of $ 22.2 million for the second quarter of 2021 , compared to a net income of $ 1.9 million and a pre - tax loss of $ 6.2 million for the second quarter of 2020. Adjusted pre - tax income was $ 5.8 million for the quarter , compared to a $ 7.8 million adjusted pre - tax income , excluding NRZ lump - sum amortization , in the second quarter of 2020 ( see “ Note Regarding Non - GAAP Financial Measures ” below ) . Glen A. Messina , President and CEO of Ocwen , said , “ Our financial results for the quarter are consistent with our expectations and we're excited about the progress we've made . We successfully closed $ 51 billion in bulk MSRs and our strategic transactions with Texas Capital Bank , we announced our agreement with Reverse Mortgage Solutions to purchase its reverse mortgage servicing platform , and in July we sold the first of our planned call rights transactions . Our continued strong progress on driving growth , cost leadership , revenue diversification and operational excellence is building scale across our platform and growth in higher margin channels , services and products . We believe these actions have markedly improved the earnings potential of the business as we move into the second half of 2021 , and we continue to be on track to achieve our growth , profitability and return objectives for the year . " The Company reported the following results for the second quarter of 2021 ( see “ Note Regarding Non - GAAP Financial Measures " and " Note Regarding Financial Performance Estimates " below ) : • • • • • Pre - tax loss was $ 22.2 million compared to pre - tax loss of $ 6.2 million for the second quarter of 2020 . Adjusted pre - tax income was $ 5.8 million , the seventh consecutive quarter of positive adjusted pre - tax income . Q2 Notables include $ 23 million unfavorable net MSR valuation adjustment . Closed $ 51 billion of bulk MSR acquisitions for which the Company signed letters of intent in Q1 , profitably replenishing our Servicing portfolio . Announced acquisition of Reverse Mortgage Solutions , Inc. ( “ RMS ” ) reverse servicing platform with $ 7.8 billion UPB , as of March 31 , 2021. This will uniquely position the Company to be the only full - service provider in the attractive and growing reverse mortgage market and is expected to close in Q4 . Approximately $ 244 million of unrestricted cash and available credit at June 30 , 2021. Liquidity supported 1