Ocwen Financial Corp. (NYSE:OCN) Q2 2020 Earnings Conference Call - Final Transcript

Jul 17, 2020 • 08:30 am ET


Ocwen Financial Corp. (NYSE:OCN) Q2 2020 Earnings Conference Call - Final Transcript


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Hello, and welcome to the Ocwen Financial Corporation Preliminary Second Quarter Earnings and Business Update Conference Call. [Operator Instructions] It's now my pleasure to turn the call over to Dico Akseraylian, Senior Vice President, Corporate Communications. Please go ahead, sir.

Dico Akseraylian

Good morning and thank you for joining us for Ocwen's preliminary second quarter 2020 earnings and business update call. Please note that our preliminary second quarter 2020 earnings release and slide presentation are available on our website.

Speaking on the call will be Ocwen's Chief Executive Officer, Glen Messina. 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 forward-looking terminology.

Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Our business has been undergoing substantial change. And as a result of the COVID-19 pandemic, we are in the midst of a period of significant capital markets volatility and rapidly evolving mortgage lending and servicing environment, which has magnified such uncertainties. You should bear these factors in mind when considering such statements and 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, including those risks and uncertainties described in our reports and filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2019 and our current and quarterly reports since such date.

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 adjusted pretax income; adjusted pretax income excluding amortization of NRZ lump sum payments; and adjusted expenses, 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. A reconciliation of the non-GAAP measures used in this presentation to their most directly comparable GAAP measures may be found in the press release and the appendix to the investor presentation available on our website. For an elaboration of the factors I just discussed, please refer to our presentation and yesterday's preliminary earnings release as well as the Company's filings with the SEC.

Finally, this presentation and our comments refer to our preliminary second quarter financial results. These statements are based on currently available information and reflect our current