- Q4 adjusted loss of $2.1M or $0.06 per share vs. a profit of $30.8M and $0.81 one year ago. Adjusted EBITDA of $85M vs. $128.8M a year ago.
- The quarter included $50.4M in legal and regulatory costs.
- Servicing segment revenue of $113.8M down 30% Y/Y, primarily thanks to a fall in the fair value of MSRs as interest rates fell. Expenses of $205.5M up 44% thanks to those higher legal and regulatory costs.
- Originations segment revenue of $89.5M down 34%.
- Reverse mortgage revenue of $53.2M up 36%.
- Outlook: Management is looking to cost savings and expects $35M to be realized in 2015, and another $5M after. Additional savings of at least $35M have been identified.
- Previously: Walter Investment misses by $0.69, misses on revenue (Feb. 26)
- WAC -16.1%