Ocwen Faces Possible Delisting From NYSE
Failure to file 2014 financial statement is cited
Ocwen Financial Corp. disclosed late Monday after the market closed that it had been threatened with a possible delisting by the New York Stock Exchange for failing to file its 2014 annual financial statement on time, and that it wasn’t certain when it would file the required statements.
Ocwen said that the principal reason it had missed deadlines to make the disclosures was because it needed more time “to analyze and review” an affiliated company that finances the purchase of mortgage-servicing rights for Ocwen. The company is looking into whether the company, Home Loan Servicing Solutions Ltd., has the “ability to continue to meet its obligations to fund new servicing advances.”
Ocwen didn’t explain if the affiliate, HLSS, was facing financial or liquidity constraints, but it said “a failure by HLSS to fund new servicing advances could have a material negative impact on the Company’s financial condition.”
Ocwen didn’t disclose any further information on its own financial condition or HLSS.