Seeking Alpha

Regulatory costs sting Ocwen results

  • Net income of $67M or $0.48 per share vs $76.7M or $0.53 a year ago, with Chairman Bill Erbey noting "significant compliance and regulatory-related issues." Income from operations of $207.6M up 22% from a year ago.
  • 2.6M shares repurchased during quarter.
  • New business: The company intends to begin purchasing MBS where Ocwen (NYSE:OCN) is the servicer.
  • Conference call is at 11 ET
  • Previously: Ocwen Financial misses by $0.31, misses on revenue
  • OCN flat premarket
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