Enterprise software provider Onit was co-founded by Eric M. Elfman and Eric Smith, who established the company to revolutionize how corporate legal departments manage operations, contracts, and administrative workflows. If referring to the origins of Onity Group (formerly Ocwen Financial), the financial enterprise was founded in February 1988 by William Erbey. Both companies have grown significantly under their respective founding and executive leadership frameworks, achieving prominent market positions in enterprise legal technology and national mortgage financial services, respectively.