OCWEN FINANCIAL CORP
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
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Item 2. Properties
Ocwen Financial Corporation is headquartered in West Palm Beach, Florida, at 1661 Worthington Road, Suite 100. We have offices and facilities in the U.S., the USVI, India and the Philippines, all of which are leased. The following table sets forth information relating to our principal facilities at December 31, 2023:
| Location | Owned/Leased | Square Footage |
|---|---|---|
| Principal executive offices | ||
| West Palm Beach, Florida | Leased | 41,858 |
| Document storage and imaging facility | ||
| West Palm Beach, Florida | Leased | 51,931 |
| Business operations and support offices | ||
| U.S. facilities: | ||
| Mt. Laurel, New Jersey (1) | Leased | 18,270 |
| Rancho Cordova, California (2) | Leased | 17,157 |
| Houston, Texas - Walters Road (3) | Leased | 15,678 |
| St. Croix, USVI (4) | Leased | 6,096 |
| Offshore facilities (1) | ||
| Bangalore, India (5) | Leased | 22,325 |
| Mumbai, India (6) | Leased | 15,218 |
| Pune, India | Leased | 3,826 |
| Manila, Philippines | Leased | 13,134 |
| Former operations and support offices no longer utilized | ||
| Houston, Texas - Walters Road (7) | Leased | 29,901 |
(1)Supports our servicing and lending operations, as well as our corporate functions.
(2)Primarily supports reverse lending operations.
(3)Primarily supports our reverse servicing operations. We exercised the early termination option to terminate the lease by January 31, 2025 (original lease term extended through January 2027).
(4)Primarily supports our forward servicing operations.
(5)Effective January 2023, we terminated the lease on 45,725 square feet of space.
(6)Effective March 2023, we reduced the office space by 10,447 square feet.
(7)The lease of this facility, which expires on January 31, 2025, was partially abandoned as of December 31, 2023.
We regularly evaluate current and projected space requirements, considering the constraints of our existing lease agreements and the expected scale of our businesses. We operate through a hybrid workforce model which combines remote work for substantially all of our global workforce and in-office when required. During 2023, we exited a total of 105,471 of leased square feet.
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