Ocwen Financial Corporation (OCN) is now in full compliance with the New York Stock Exchange, finally putting the company in good graces after months of negative news marred any strength the company had.
Ocwen is no longer on the exchange’s late filter list since the nonbank mortgage servicer finally filed its annual report on Form 10-K for last year with the Securities and Exchange Commission.
The ‘LF’ indicator on the trading symbol OCN was removed effective May 13, 2015.
The company announced on May 11 that it filed its much-delayed 2014 10-K yearly report with the Securities and Exchange Commission without a qualification about its ability to operate as a going concern.
In April, Ocwen announced that it entered into an amendment on its senior secured term loan that was to onto effect on Monday, April 20.
According to Ocwen, the amendment “removes, with respect to the 2014 fiscal year, the requirement that Ocwen’s financial statements and the related audit report must be unqualified as to going concern.”
The amendment also extended the deadline for Ocwen to deliver its 2014 audited financial statements to May 29, 2015, but Ocwen has now beaten that deadline by two weeks.
“We believe the filing of our 2014 Form 10-K, without a qualification as to our ability to operate as a going concern, is additional evidence that our strategy to strengthen our compliance management system, strengthen the service we provide to our customers and improve our financial stability is working and that confidence in the company is being restored,” Ron Faris, Ocwen’s president and CEO, said.
In the first quarter, Ocwen reported that it returned to profitability, reversing a trend that saw it lose $546 million in 2014 by posting net income of $34.4 million for the first quarter of 2015.
