Onity Group Inc. carries a rich and complex corporate history dating back to its founding as Ocwen Financial Corporation in 1988. Over the decades, the company grew rapidly through aggressive portfolio acquisitions, establishing itself as a dominant force in mortgage servicing. Following challenges encountered during industry-wide housing downturns, the enterprise underwent a multi-year operational restructuring, strengthened its balance sheet, acquired PHH Corporation to expand its origination and subservicing scale, and ultimately executed a complete corporate rebrand to Onity Group in 2024 to symbolize its modern era.