Entering text into the input field will update the search result below

Settlement and regulatory costs drive Ocwen deep into the red

Aug. 02, 2017 7:22 AM ETOcwen Financial Corporation (OCN) StockOCNBy: Stephen Alpher, SA News Editor8 Comments
  • 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

Recommended For You

About OCN Stock

SymbolLast Price% Chg
Market Cap
PE
Yield (TTM)
Rev Growth (YoY)
Prev. Close
Compare to Peers

Related Stocks

SymbolLast Price% Chg
OCN--
Ocwen Financial Corporation