Ocwen Financial Corporation.
OCN.US | Other financial service activities, except insurance and pension funding activities, n.e.c.
Ocwen Financial Corporation is a financial services holding company. The company, through its subsidiaries, is primarily engaged in servicing and originating mortgage loans. Ocwen's servicing business involves managing and administering mortgage loans on behalf of investors, including collecting pay...Show More
Better Health for All
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Ocwen Financial Corporation's operations, primarily mortgage servicing and loan modifications, generate positive health externalities by mitigating significant sources of mental stress. In 2016, the company helped 75,000 homeowners avoid foreclosure.
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Additionally, it worked out or modified 60,000 troubled mortgages, with subprime loan modifications increasing by nearly 500% between Q1 and Q2 2023.
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The company also implemented a five-part homeowner assistance plan in Milwaukee from 2016-2018 to address the foreclosure crisis.
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These efforts, by preventing homelessness and financial instability for tens of thousands of families, contribute to measurable community health improvements related to mental well-being.
Fair Money & Economic Opportunity
-30
Ocwen Financial Corporation settled a Massachusetts mortgage lawsuit for $3.7 million.
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The lawsuit alleged a lack of required notices and illegal foreclosures.
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Fair Pay & Worker Respect
-20
Ocwen Financial Corporation's CEO-to-median-employee pay ratio was 230x in 2023.
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Fair Trade & Ethical Sourcing
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Ocwen Financial Corporation is a financial services company primarily engaged in mortgage servicing and origination. Its business model does not involve the procurement or trade of physical commodities, nor does it have a supply chain that typically requires fair-trade certifications, welfare or sourcing audits, or mapping for provenance. Therefore, the company's operations fall under the 'N/A' category for KPIs related to fair trade certifications, supplier audit frequency, forced/child labor incidents in upstream practices, supply chain traceability, remediation of sourcing violations, ethical sourcing clauses, and high-risk material spend.
Honest & Fair Business
-50
Ocwen Financial Corporation incurred $153.5 million in ethics-related regulatory fines
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, including a $150 million fine from the NYDFS
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and an additional $3.5 million from the SEC
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. The company restated 2013 and 2014 earnings due to a material weakness in valuing and recording financial transactions
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. Ocwen inaccurately disclosed to investors that it independently valued assets at fair value under GAAP
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, instead using a flawed, undisclosed methodology from a related company for mortgage servicing rights
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. The company lacked written policies or procedures for recusals in related-party transactions
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, and its recusal practice was flawed, inconsistent, and ad hoc
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. Ocwen's internal controls failed to prevent conflicts of interest
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, specifically involving its executive chairman approving transactions from both sides of related-party deals
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.
Kind to Animals
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Ocwen Financial Corporation is a financial services company, and its core business of mortgage loan servicing and origination does not involve activities related to animal products, testing, or agriculture. Therefore, KPIs such as cruelty-free certifications, alternative testing methods, humane certifications for animal operations, ethical ingredient substitution, cage-free sourcing, animal testing policies or volume, R&D investment in animal-free technologies, animal agriculture ethics, animal-free R&D collaboration, and public policy engagement on animal welfare are not applicable. While river conservation, fish release, and tree planting at a Thailand facility are mentioned, no measurable biodiversity impact or specific metrics are provided to assess wildlife conservation.
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Similarly, general audits of Tier 1 suppliers are noted, but it is not specified if these relate to animal welfare compliance.
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No War, No Weapons
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No evidence was found in the provided article to assess Ocwen Financial Corporation (OCN.US) against any of the 'No War, No Weapons' ethical value KPIs. The article explicitly states it does not contain data relevant to OCN.US or the specified value.
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Planet-Friendly Business
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Ocwen Financial Corporation (OCN.US) lacks specific, scorable data for all assessed Planet-Friendly Business KPIs. The provided articles explicitly state "No specific data provided" or "No publicly available data" for metrics such as Scope 1, 2, and 3 emissions, SBTi-aligned targets, renewable energy usage, water use, green building certifications, EU Taxonomy alignment, lifecycle impact analysis, recycled material ratios, carbon offset quality, climate positive initiatives, supply chain climate transparency, biodiversity efforts, deforestation policies, environmental compliance violations, environmental impact assessments, net-zero targets, TCFD alignment, climate scenario analysis, stranded asset transparency, water from stressed basins, packaging CO2 reduction, just transition programs, and climate adaptation financing
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,
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. While the company mentions recycling office and paper products in all U.S. facilities, this is a general statement of priority and does not provide a quantifiable waste diversion rate
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. Similarly, partnerships with NAACP and HUD certified housing counseling agencies for borrower outreach are noted, but this initiative is not explicitly linked to addressing disproportionate *climate impacts* on vulnerable communities as required by the climate justice KPI
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Respect for Cultures & Communities
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The provided articles do not contain specific, concrete data points for any of the Key Performance Indicators related to 'Respect for Cultures & Communities'. Information available pertains to general compliance, internal diversity and inclusion initiatives, and homeowner assistance programs, but these do not directly map to the quantitative metrics required by the rubric for formal partnerships with community groups, reinvestment in local development, cultural appropriation incidents, cultural impact assessments, local employment ratios, grievance mechanisms, FPIC participation, community governance inclusion, cultural preservation investment, local procurement, indigenous suppliers, cultural site protection, social license to operate, charitable giving to cultural organizations, community fund allocation, language inclusivity, cultural incident response, or cultural sensitivity training completion.
Safe & Smart Tech
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No specific, scorable evidence was found in the provided articles for any of the Safe & Smart Tech KPIs for OCN.US (Onity Group Inc.). Information regarding data breaches, cybersecurity investment, privacy certifications, security training effectiveness, encryption implementation, AI ethics, data minimization, regulatory compliance, or user data control was either absent, too vague, or pertained to other entities, preventing a score from being assigned to any KPI.
Zero Waste & Sustainable Products
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The provided articles do not contain any specific, quantitative, or verifiable qualitative data points related to waste diversion rates, product recyclability, packaging sustainability, recycled content, single-use plastic reduction, take-back programs, circular design principles, waste reduction initiatives, hazardous waste management, product durability, repairability, waste audit frequency, zero waste certification, waste disposal violations, material efficiency, packaging-to-product ratio, waste reduction targets, supplier waste requirements, or customer waste education for Ocwen Financial Corporation. While a contest encouraging waste reduction and reuse was mentioned, no metrics or data on actual waste reduction achieved or specific initiatives were provided.
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