News & Events zu Onity Group Inc (ONIT)ONITOnity Group Inc

Onity Reports Q3 Revenue of $278.1 Million

Reports Q3 revenue $278.1M vs. $282.9M last year. CEO Glen Messina said, "Our Q3 results demonstrate the resilience of our balanced business and the progress we made to improve returns on a sequential quarter basis. Servicing profitability improved sequentially, more than offsetting declining Originations profitability. In a market environment that is increasingly favorable for Servicing and more challenging for Originations, our complementary businesses returned the company to profitability and more than doubled adjusted return on equity from the prior quarter. Looking ahead, we are confident in Onity's ability to perform through the interest rate cycle. With a sound strategy and proven track record of execution, we believe we are well positioned to navigate market challenges, capitalize on attractive opportunities and create value for shareholders."

Onity Group Files Lawsuit in Federal Court Seeking Clarification of New York Mortgage Regulation

Onity Group announced an action the company filed in federal court seeking judicial clarification of a New York mortgage servicing regulation governing optional expedited payment fees. The complaint asks the court to determine whether the regulation provides the fair notice and objective standards required by the U.S. Constitution. The regulation permits fees if they are "reasonably related to the cost of rendering that service," but in the nearly seven years since it was adopted, that phrase has not been defined in the rulemaking record, published guidance, or in response to the company's questions. "We have voluntarily reduced these fees and eliminated them for online and automated phone payments. Because that standard remains undefined, we believe a court is the appropriate place to resolve the issue," Onity Group said.

Onity Authorizes Share Repurchase Program Up to $20M

Onity authorized a share repurchase program for an aggregate amount of up to $20M of the company's issued and outstanding shares of common stock. Unless Onity amends the share repurchase program or repurchases the full $20M amount by an earlier date, the share repurchase program will continue through June 2027.