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Thursday, May 16, 7:50 AM Those now kicking it in their new beachside homes courtesy of buying into Altisource Asset Management (AAMC.OB) when it was spun off from ASPS late last year (it's up 20-fold since), might be interested in the potential spinoff of Solutionstar from Nationstar Mortgage (NSM). Management won't confirm it because they can't, says FBR's Paul Miller, but he has no doubt they're actively discussing it. ASPS is itself a spinoff - from Ocwen (OCN) in 2009, and up 500% since. 1 Comment [Financials, Quick Ideas]
Saturday, May 11, 3:49 PM Altisource Residential (RESI) had exactly zero questioners on its earnings call this week despite gaining 26% since its late-2012 IPO, but check out the transcript and presentation for a window into how Bill Erbey and his team are working (to the great profit of shareholders) the single-family rental boom. Residential sits in the middle of a web topped by Altisource Asset Management (AAMC.OB), and including Ocwen (OCN) - which provides its non-performing loan expertise - and Altisource Portfolio Solutions (ASPS) which takes care of property management. 1 Comment [Quick Ideas]
Thursday, May 9, 11:39 AM Fans of Ocwen (OCN) will be interested in today's earnings reports by Altisource Residential (RESI -1.3%) and Altisource Asset Management (AAMC.OB +3.9%), both with the same chairman as Ocwen - Bill Erbey. The two are highflying spinoffs from Ocwen-affiliated Altisource Portfolio Solutions (ASPS), also chaired by Erbey. A satisfied participant in ASPS' recent earnings call (transcript) was Steve Eisman who yesterday labeled Ocwen the best play around on a housing recovery. Comment! [Financials, On the Move]
Thursday, May 9, 7:37 AM Ocwen Financial (OCN) files a shelf offering for up to $162M of series A preferred stock by selling shareholders. The shares are not listed on any exchange. Shares +1.4% premarket, still basking in Steve Eisman's wildly bullish comments at Sohn yesterday, and a big earnings report from Walter Investment. Comment! [Financials, On the Move]
Thursday, May 9, 7:30 AM A Q4 earnings miss by Walter Investment (WAC) in March set off a savage selloff in it as well as sizable declines in the other mortgage servicers (OCN, NSM, HLSS), but it may not be so today. Walter +8.2% premarket after breezing past Q1 earnings estimates and reaffirming FY13 guidance. Conference call at 10 ET. (PR) Comment! [Earnings, Financials]
Wednesday, May 8, 3:24 PM "Once in awhile you come across a company that is completely and utterly mis-priced," says Steve Eisman, continuing his bullish presentation on housing at Ira Sohn (previous), and calling Ocwen Financial (OCN +2.2%) the most levered play on the sector. Over the next 3 years, the company's cash flow alone will be a significant percentage of its market cap. Ocwen Chairman Bill Erbey has been telling anyone who cares to listen the same thing for some time. Comment! [Quick Ideas]
Tuesday, May 7, 10:47 AM Mortgage servicers all move higher after a big earnings report from Nationstar (NSM +5.7%). Nationstar cousin Newcastle (NCT +2%), Ocwen (OCN +2.4%), Walter Investment (WAC +2.1%). Scale is key in the servicing business, and Nationstar has increased its UPB by an average 104% annually since 2008 (presentation). Another nice profit center is originations, and they're expected to more than triple this year, helped by the immediately accretive acquisition of Greenlight at 0.7x AEBITDA. 1 Comment [Financials, On the Move]
Thursday, May 2, 8:13 AM More on Ocwen Financial (OCN) Q1 earnings: Normalized pre-tax earnings up 22% over Q4, up 90% Y/Y. Adjusted operating cash flow of $265.8M. Q2 will show a full quarter of activity from ResCap acquisition. Management expects string of record revenues to continue. Greater size should allow core earnings and cash flow to both "trend higher" as a percentage of revenue. Conference call at 11 ET. (PR) Comment! [Financials, Earnings]
Thursday, May 2, 7:58 AM Ocwen Finclancial (OCN): Q1 EPS of $0.31. Revenue of $406.7M (+147% Y/Y) beats by $46.5M. (PR) Comment! [Earnings, Breaking News, Financials]
Thursday, May 2, 12:05 AM Notable earnings before Thursday’s open: ABMD, ACOR, ACT, AEE, ANR, ANSS, ARG, ARQL, ATK, AYR, BDBD, BDX, BEAM, BGCP, BZH, CAH, CEVA, CHD, CI, CME, CNP, CPN, CTRX, DIN, DNR, EL, ELNK, FIG, FLY, FNP, FWLT, GEL, GG, GIL, GM, GNRC, GOLD, HAR, HK, HSH, INCY, INGR, IP, IRDM, IT, ITT, K, LF, LQDT, LXP, MDC, MFC, MGI, MGM, MMC, MMP, MWW, NIHD, NNN, NUS, OCN, OGE, OXF, OZM, PCG, PPL, PWR, PXP, RGLD, RNO, SBH, SFY, SHPG, SNI, SPR, SRE, STRA, TEVA, VMC, VRX, WNR, WPX, WWE, XEL Comment! [Earnings]
Wednesday, May 1, 5:30 PM Notable earnings before Thursday’s open: ABMD, ACOR, ACT, AEE, ANR, ANSS, ARG, ARQL, ATK, AYR, BDBD, BDX, BEAM, BGCP, BZH, CAH, CEVA, CHD, CI, CME, CNP, CPN, CTRX, DIN, DNR, EL, ELNK, FIG, FLY, FNP, FWLT, GEL, GG, GIL, GM, GNRC, GOLD, HAR, HK, HSH, INCY, INGR, IP, IRDM, IT, ITT, K, LF, LQDT, LXP, MDC, MFC, MGI, MGM, MMC, MMP, MWW, NIHD, NNN, NUS, OCN, OGE, OXF, OZM, PCG, PPL, PWR, PXP, RGLD, RNO, SBH, SFY, SHPG, SNI, SPR, SRE, STRA, TEVA, VMC, VRX, WNR, WPX, WWE, XEL Comment! [Earnings]
Thursday, April 25, 3:43 PM Altisource Portfolio Solutions (ASPS +7.8%) flies after reporting an 8% Y/Y increase in EPS even with just limited benefit from Ocwen's (OCN) acquisition of Homeward Residential's servicing platform and no benefit from Ocwen's acquisition of Residential Capital's platform and the Ally servicing rights. The company expects a doubling in non-GSE loans by year's end and a 700 bp increase in operating margins. Sister company Altisource Asset Management (AAMC.OB +23.2%). (PR) Comment! [On the Move, Financials]
Thursday, April 18, 11:48 AM More on Home Loan Servicing Solutions (HLSS +2.1%) Q1 earnings: "Our outlook on prepayment speeds ... has become increasingly positive fueled in part by Ocwen's continued success in resolving delinquent loans," says Chairman Bill Erbey (also OCN chairman). Not even lower interest rates and an improving housing market have altered the trend of lower prepayment speeds. Other servicers today: OCN -0.8%, NCT -2%, NSM +0.9%, WAC +1.7%. Comment! [Earnings, Financials]
Friday, April 12, 2:48 PM Buoyed yesterday by news the HARP program is being extended another two years, the mortgage services give it back today after JPMorgan and Wells Fargo report slowdowns in their mortgage business. OCN -3.4%, NSM -2.6%, WAC -3.2%, NCT -1.3%. One would think fewer refis would be a good thing, but they too - especially NSM - make money on originations. 1 Comment [Financials, On the Move]
Wednesday, April 3, 7:36 AM Ocwen Financial (OCN) continues its bid to become a bigger player in reverse-mortgages, purchasing Liberty Home Equity Solutions for an undisclosed amount. "We believe this promising market offers enormous long-term growth potential, and this purchase positions Ocwen to capture that growth." (PR) Comment! [Financials, M&A]
Thursday, March 28, 10:26 AM Ninety percent of gain-on-sale revenue converts to cash generally within 90 days, says Nationstar Mortgage (NSM) in its March investor presentation. Doug Kass is waging a twitter campaign to short NSM vs. a long in Ocwen (OCN) due to what he says is the latter's better earnings quality. Ocwen last month made a great presentation focusing on its conservative accounting. Comment! [Financials]

OCN Ocwen Financial Corporation

OCN

Ocwen Financial Corporation