Ocwen Financial Shares Rise

Ocwen Financial shares jumped 4% intraday after the company said it is evaluating changes to its internal controls to remediate a weakness that forced it to seek permission for restating the consolidated financial results for 2016. The company expects to provide an update on the changes in its June 30 Form 10-Q, it said in a statement.

The amendment that Ocwen is seeking is related to a confidential memorandum of understanding with the Multistate Mortgage Committee, which was confidential under various state laws until made public on April 20, and to certain actions undertaken by state regulators from April 20. The move does not amend, update or change any other items or disclosures in the original Form 10-K.

By Sonia Taylor