PHH Mortgage Announces Agreement with Federal Home Loan Bank of Indianapolis to Purchase Mortgage Servicing Rights

Ocwen Financial Corp.

WEST PALM BEACH, Fla., June 28, 2022 (GLOBE NEWSWIRE) — PH Mortgage (“PHH” or the “Company”), a subsidiary of Ocwen Financial Corporation (NYSE: OCN) and a leading non-bank mortgage servicer and originator, today announced that it has reached an agreement with Federal Home Loan Bank of Indianapolis (“FHLBank Indianapolis”) to purchase Mortgage Servicing Rights (“MSR”) through its Mortgage Purchase Program (“MPP”).

FHLBank Indianapolis has more than 300 depository members and 100 participating financial institutions that generate approximately $2 billion annually that sell loans to MPP to replenish capital and minimize portfolio risk. PHH has partnered with FHLBank Indianapolis as an MSR buyer and strategic partner to provide member sub-service solutions within the FHLBank Indianapolis footprint.

Earlier this year, PHH was recognized for service excellence through Freddie Mac’s Gold Servicer Honors and Rewards (SHARP) program.SM award in Fannie Mae’s Entry Level Service and Servicer Total Achievement and Rewards (STAR) groupMT performer recognition for general maintenance, solution delivery, and time management, and earned HUD’s Level 1 service rating.

“FHLBank is always looking for ways to improve the liquidity and pricing we can offer our members. PHH was a natural fit given its co-issuance experience, scale, and high level of underserving performance,” said Dan Green, FVP and Senior Director of MPP at FHLBank Indianapolis.

“We are extremely pleased with FHLBank Indianapolis’ decision to expand its co-issuance/subservicing program to add PHH as a new strategic partner,” said George Henley, executive vice president and chief growth officer of PHH Mortgage. “This new relationship supports the bank’s mission to provide liquidity to its members and the residential housing market. The partnership with PHH immediately improves FHLBank Indianapolis’ sales execution and serves as a model that can be replicated by other FHLBs and member banks. We look forward to working with FHLBank Indianapolis and its members, and to having the opportunity to provide sub-services and other value-added services in the future.

PHH Mortgage has added $64 billion in new outsourcing volume in the past 12 months and is one of the most active co-issue buyers within the Fannie Mae SMP, Freddie Mac CRX co-issue programs and Ginnie Mae PIIT.

About Ocwen Financial Company

Ocwen Financial Corporation (NYSE: OCN) is a leading non-bank mortgage servicer and originator providing solutions through its core brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the nation’s largest service providers, focused on providing a variety of service and loan programs. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to education and providing loans that help customers meet their personal and financial needs. Our headquarters are located in West Palm Beach, Florida, with offices and operations in the United States, US Virgin Islands, India and the Philippines, and we have been serving our customers since 1988. For more information, please visit our website (www.ocwen.com).

About Federal Home Loan Bank of Indianapolis

FHLBank Indianapolis is a regional bank of the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost financing for their member financial institutions, with a focus on providing solutions that meet the needs of member customers for housing and small businesses. The FHLBanks are capitalized and funded by private capital and receive no appropriation from Congress. One of 11 independent regional cooperative banks in the United States, FHLBank Indianapolis is owned by its member financial institutions in Indiana and Michigan, including commercial banks, credit unions, insurance companies, institutions savings and community development financial institutions. For more information about FHLBank Indianapolis, visit www.fhlbi.com and follow the Bank on LinkedIn and Twitter (@FHLBankIndy).

Forward-looking statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by reference to a future period or by the use of forward-looking terminology. Forward-looking statements are generally identified by words such as “expect”, “believe”, “plan”, “anticipate”, “intend”, “estimate”, “objective”, “strategy”, “plan”, “target” and “project” or conditional verbs such as “will”, “may”, “should”, “could” or “would” or the negative form of these terms, although all forward-looking statements do not contain those words, and include statements in this press release regarding the desirability of PHH providing future outsourcing and other value-added services to FHLBank Indianapolis and its members.

Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. In the past, actual results differed from those suggested by the forward-looking statements and it could happen again. Important factors that could cause actual results to differ materially from those suggested by forward-looking statements include, but are not limited to, the volume of MSR acquired by PHH under the agreement with FHLBank Indianapolis, changes in FHLBank Indianapolis’ business condition, changes in market conditions, the industry in which we operate and our businesses, actions of governmental entities and regulators, developments in our litigation, and other risks and uncertainties detailed in our reports and filings with the SEC, including our annual report on Form 10-K for the fiscal year ended December 31, 2021 and any current report or quarterly report filed with the SEC since that date. Anyone wishing to understand Ocwen’s business should consult our filings with the SEC. Our forward-looking statements speak only as of the date they are made, and we disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

FOR MORE INFORMATION, CONTACT:

Bernadine J. Perkins