- Q2 pretax loss of $41.6M includes $33.6M of legal settlement-related expenses, $5.6M of CPFB and related state regulatory costs, $3.7M of fair value changes, and $1.5M of severance and other items. Backing those out leaves $2.8M of pretax income in Q2.
- Servicing segment pretax income of $9.2M is a $21.4M improvement from last year, even HAMP fees down $23M.
- Lending segment pretax loss of $600K vs. profit of $5M a year ago.
- 11K mortgage mods completed during Q2, 24% of which were HAMP mods. Delinquencies of 9.6% vs. 11.2% at start of year.
- CPR of 15% up from 14% in Q1.
- Management notes about $12M of additional expense savings have been identified to for H2.
- Conference call at 8:30 ET
- Previously: Ocwen Financial EPS of -$0.36 (Aug. 2)
- OCN flat premarket
Settlement and regulatory costs drive Ocwen deep into the red
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About OCN Stock
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Symbol | Last Price | % Chg |
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OCN | - | - |
Ocwen Financial Corporation |