- Q1 pretax income rose to $5M vs. a loss of more than $30M in Q1 a year ago. Helping was a rise in interest rates, which meant a $20.5M fair value adjustment in the servicing portfolio. Hurting was $21M in costs related to ongoing strategic transactions and restructuring, and regulator-related fees, legal items.
- Pretax income in servicing was $20.5M; in lending was $8.8M. Cash flow from operating activities was $99.4M. $285.7M in the bank at the end of Q1.
- CEO Ron Faris: "We continued to make progress on the regulatory front, we began the process of deploying our excess liquidity." The closing of the PHH purchase is on track for H2.
- Conference call at 8:30 ET
- Previously: Ocwen Financial EPS of $0.02 (May 2)
- OCN flat premarket