While Ocwen Financial Corp. managed to grow its quarterly home-loan production, its mortgage servicing portfolio plunged and its domestic staffing subsided.
Second-quarter residential loan originations totaled 8,000 units for $1.326 billion, according to earnings data reported late Thursday.
Business rose from the prior three-month period, when 6,500 mortgages were closed for $1.112 billion.
Activity also ascended from the same quarter last year, when production totaled $1.309 billion.
Full first-half 2015 originations amounted to 14,500 loans for $2.439 billion.
Second-quarter 2015 business included 1,300 loans for $0.224 billion originated through the direct channel, 1,500 mortgages closed for $0.345 billion through the wholesale division and 3,100 loans for $0.511 billion acquired from correspondent clients.
An additional 2,200 reverse mortgages were funded for $0.246 billion through subsidiary Liberty Home Equity Solutions Inc.
Ocwen said it saw continued strength in the refinancing of loans insured by the Federal Housing Administration thanks to the first-quarter reduction in mortgage insurance premiums.
The Atlanta-based company reported $1.3 billion in lock volume, mostly unchanged from the first quarter.
The primary residential servicing portfolio finished June at $267.996 billion, sinking from $337.125 billion three months earlier and $379.571 billion a year earlier.
In addition, another $53.675 billion was sub-serviced as of June 30, 2015.
The sale of mortgage servicing rights on $63 billion in agency loans during the first half of this year was reported. In addition, the sale of MSRs on $25 billion in loans is in process.
“Loans held for investment – reverse mortgages” finished mid-2015 at $2.097 billion, more than the $1.550 billion owned as of the end of last year.
tumbled to $13 million from a downwardly revised $43 million in the first quarter. Income before taxes was reported at $77 million for the second-quarter 2014.
As of the second-quarter 2015, average U.S. staffing was 2,066 employees, down from 2,174 in the prior period and 2,519 in the year-earlier period.
additionally employed an average of 6,953 people in India and other offshore locations.
Ocwen reported that it currently has 18 state examinations open on its servicing compliance, while nine state exams are open on its lending compliance.
“The company believes it has the people and infrastructure in place to meet regulatory expectations; continues to invest in its risk and compliance management systems; and is further enhancing internal controls,” the report stated.