Parent Company of the Top 10 Reverse Mortgage Lenders Liberty Reverse Mortgage Completed shareholder-approved rebranding plan, changing previous irving financial corp.. Enter Oniti Group.
The move also transformed the company’s New York Stock Exchange As of Monday’s open, the (NYSE) stock code is “ONIT.”
“Today marks the beginning of a new era for our company, marking our transformation, growth and expansion into a balanced and diversified business,” Onity Group CEO Glen Messina said in a statement. We are proud of what we have built – a strong services platform with industry-leading cost and operational performance, multi-channel origination and asset management capabilities, and a technology-enabled global platform.”
Company leaders have previously described the move as an expression of the attitudes they hope to evoke from the product. Messina added that this is a core element of the entire rebranding plan.
“Our current brand identity reflects our company, our people and our commitment to delivering results,” he said. “Our new name is derived from the phrase ‘on it;’ our slogan is ‘We Get It Done’; together our vibrant, dynamic visual identity represents a company that takes action, keeps its promises and works tirelessly to serve its customers and Stakeholders create successful companies. Onity represents who we are today and I’m excited for the future.
The company originally announced its intention to rebrand in April due to what Messina said was steady growth in its mortgage servicing and subprime servicing portfolios, a common focus of the company’s most recent earnings reports. The rebranding is subject to approval from the company’s shareholders, which it received in late May, clearing the way for Monday’s transition.
The company’s other major brands – including PHH Mortgage Company. and Liberty Reverse Mortgage — will follow suit and be renamed unified mortgage to this fall.
In the company’s most recent earnings report, company leaders explained that while they have had to deal with shrinking reverse mortgage volume — an industry-wide issue — the unit itself remains profitable.
“Despite lower volumes, reverse servicing increased its earnings contribution, with higher yields on loans held for sale,” said Ocwen chief financial officer Sean O’Neill. “This despite rising rates further dampening seasonality. Lower raw numbers, but we’re pleased to say that all of our pipeline returned to profitability during the quarter.
“Reduced volumes and higher margins drove profitability, with reverse origination seeing the greatest improvement. Declines in margins and traffic were offset by reverse gains and brought consumers directly back to break-even,” he said.
Home Equity Conversion Mortgage (HECM) Endorsement Data Reverse Market Insights (RMI), Liberty is the fourth largest reverse mortgage lender in the country. It recognized 1,338 HECMs in the 12 months to May 2024, with a significant increase between March and April. In May, the bank’s loan volume fell slightly by 11 from the previous month.
Based on first quarter 2024 issuer rankings compiled by HECM-Backed Securities (HMBS) new perspective consultantLiberty/PHH is the industry’s third-largest issuer of HMBS, with 55 pools initially totaling approximately $247.4 million. This brings the company’s HMBS issuance market share to 18.7%.
As of late Monday, Onity Group shares fell 3.15% to $24.29 per share.
