WEST PALM BEACH, Fla., May 16, 2017 (GLOBE NEWSWIRE) — Ocwen Financial Corporation (NYSE:OCN) (Ocwen, the Company, we, us or our) yesterday filed Amendment No. 1 (Amendment) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 (Original Form 10-K) to restate our previously issued consolidated financial statements for the year ended December 31, 2016. The Amendment is related to a confidential memorandum of understanding (MOU) with the Multistate Mortgage Committee (MMC), which was confidential under various state laws until made public by certain state regulators on April 20, 2017, and to certain actions undertaken by state regulators on April 20, 2017 and subsequently.
The Amendment did not result in any changes to the Company’s consolidated financial statements and related footnote disclosure, other than the changes to the disclosure in Note 26 – Contingencies.Except as described above, the Amendment does not amend, update or change any other items or disclosures in the Original Form 10-K and does not reflect any information or events subsequent to the initial filing date of the Original Form 10-K.
In addition, in connection with the Amendment, management re-evaluated the effectiveness of the Company’s disclosure controls and procedures and internal control over financial reporting as of December 31, 2016. Management has concluded that the Company’s disclosure controls and procedures and internal controls over financial reporting were not effective as of December 31, 2016 solely due to a material weakness that resulted in the failure to provide disclosure of the MOU. The Company is evaluating the necessary changes to its controls to remediate this weakness and expects to provide an update in its June 30, 2017 Form 10-Q.
Yesterday, Ocwen also filed its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2017.
About Ocwen Financial Corporation
Ocwen Financial Corporation is a financial services holding company which, through its subsidiaries, originates and services loans. We are headquartered in West Palm Beach, Florida, with offices throughout the United States and in the U.S. Virgin Islands and operations in India and the Philippines. We have been serving our customers since 1988. We may post information that is important to investors on our website (www.Ocwen.com).
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