Ocwen Continues Growing Mortgage Servicing Portfolio

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MORTGAGE EXPERT
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Ocwen Financial Corp. continued increasing the size of its residential loan servicing portfolio. Also moving up were pre-tax earnings.

The Atlanta-based company closed out last year with a mortgage servicing portfolio of $464.651 billion, according to its fourth-quarter earnings report.

Ocwen’s servicing portfolio increased from $434.819 billion as of Sept. 30, 2013, and $203.666 billion as of Dec. 31, 2012.

“The transfer of loans from OneWest and Greenpoint were substantially completed during the fourth quarter and early in the current quarter,” Ocwen Financial President and Chief Executive Officer Ron Faris said in the report. “More importantly, we are nearing the end of our integration of the legacy ResCap loans onto Ocwen’s servicing platform. We expect to be able to finish our consolidation by the end of the second quarter. Consolidation will allow us to substantially lower expenses and reduce the operating complexities of running multiple platforms.”

On its balance sheet as of year-end 2013 were $0.6 billion in “loans held for investment – reverse mortgages, at fair value.” This category was at zero at the end of 2012.

Delinquency was cut to 14.5 percent from 14.6 percent as of Sept. 30.

Ocwen said it earned $120 million before taxes in the fourth quarter, gaining on its third-quarter income of $76 million.

Quarterly earnings were up 57 percent from the same period a year earlier.

The report indicated that Ocwen’s national servicing settlement was approved by the U.S. District Court for the District of Columbia on Feb. 26.

Mortgage Expert

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