Ocwen Financial Corp. (NYSE:OCN) Q3 2019 Earnings Conference Call - Final Transcript

Nov 05, 2019 • 08:30 am ET


Ocwen Financial Corp. (NYSE:OCN) Q3 2019 Earnings Conference Call - Final Transcript


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Welcome to the Ocwen Financial Third Quarter Earnings Conference Call. [Operator Instructions]

I would now like to turn the conference over to Hugo Arias, Senior Vice President, Treasurer, and Head of Investor Relations. Please go ahead.

Hugo Arias

Good morning and thank you for joining us for Ocwen's third quarter 2019 earnings call. Please note that our third quarter 2019 earnings release and slide presentation have been released and are available on our website.

Speaking on the call will be Ocwen's Chief Executive Officer, Glen Messina and Chief Financial Officer, June Campbell. As a reminder, the presentation and our comments today may contain forward-looking statements made pursuant to the Safe Harbor provisions of the Federal Securities Laws.

These forward-looking statements may be identified by reference to a future period or by use of a forward-looking terminology. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Our business has been undergoing substantial change which has magnified such uncertainties. You should bear these factors in mind when considering such statements and you should not place undue reliance on such statements. Forward-looking statements involve several assumptions, risks, and uncertainties that could cause actual results to differ materially. In the past actual results have differed from those suggested by forward-looking statements and this may happen again. 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 statement, whether as a result of new information, future events or otherwise.

In addition, the presentation and our comments contain references to non-GAAP financial measures, such as expenses excluding MSR valuation adjustments net and expense notables and pre-tax loss excluding income statement notables and amortization of NRZ lump-sum cash payments among others.

We believe these non-GAAP financial measures provide a useful supplement to discussions and analysis of our financial condition. We also believe these non-GAAP financial measures provide an alternate way to view certain aspects of our business that is instructive. Non-GAAP financial measures should be viewed in addition to and not as an alternative for the company's reported results under accounting principles generally accepted in the United States.

For an elaboration of these factors I just discussed, please refer to our presentation and today's earnings release, as well as the company's filings with the Securities and Exchange Commission, including Ocwen's 2018 Form 10-K and, once filed, its third-quarter 2019 Form 10-Q.

Now I will turn the call over to Glen Messina.

Glen Messina

Thank you, Hugo. Good morning and thank you for joining us. Today, I'll provide an update regarding our progress in executing our key business initiatives and the actions we are taking to re-position Ocwen for profitability and long term value creation.

Our CFO, June Campbell will follow with a review of our third quarter 2019 financial results. I will then close the call with some brief remarks before opening it up for questions.

Please turn to slide 4. During the third quarter, we made substantial progress against our key business initiatives while