Thu, Aug 1, 8:55 PM (226 days ago)
Onity Group Inc. (formerly Ocwen Financial Corporation) reported a net income of $10.5 million ($1.34 basic EPS) for Q2 2024, down from $30.1 million in Q1 2024. Revenue rose 3% to $246.4 million driven by higher Originations volume, while MSR valuation adjustments resulted in a $32.7 million loss due to unfavorable interest rate hedging. Servicing and subservicing fees contributed $210.8 million, with $16.7 million from gain on loan sales. The company’s total assets stood at $13.1 billion, including $2.3 billion in MSRs. Cash and equivalents were $203.1 million, with stockholders’ equity at $446.2 million. Key initiatives include cost reduction, servicing growth, and capital optimization. Regulatory compliance remains critical, with ongoing efforts to meet Ginnie Mae’s risk-based capital requirements by December 2024.