Ocwen Financial Corp. reported growth in mortgage assets and improvement in delinquency. Servicing, however, declined, while losses continued, and originations were mixed.
From July 1 until Sept. 30 of this year, the West Palm Beach, Florida-based firm suffered a pre-tax loss of $27 million, according to its third-quarter earnings report.
Earnings swung from a $2 million profit in the same-three months during 2016. But losses at Ocwen subsided compared to $42 million in the prior three-month period.
In the latest quarter, single-family loan production came to $0.769 billion — including $0.541 billion in forward mortgages and $0.228 billion in reverse mortgages.
Overall originations inched up from $0.700 billion in the second quarter but plunged from $1.4 billion in the third-quarter 2016.
For all three quarter that have completed to far this year, origiantions came to $.
A mortgage servicing portfolio of
$183.812 billion was reported as of the close of the most-recent quarter, diminishing from $190.929 billion as of June 30, 2017, and $212.200 billion as of the same date last year.
In addition to its primary servicing portfolio, Ocwen most recently reported a subservicing portfolio of $3.656 billion.
The mortgage investment portfolio at Ocwen ended the third-quarter 2017 at $4.460 billion,
growing from $4.224 billion three months earlier. A year earlier, Ocwen reported that it owned $3.340 billion in reverse mortgages.
As of Sept. 30, 2017, delinquency was 9.4 percent, declining from 9.6 percent at the end of the prior period and 11.4 percent a year prior.
There were roughly 8,300 people on Ocwen’s payroll at the conclusion of the third-quarter 2017 — including a staff of 5,400 employees in India and 700 people in the Philippines.
That left about 2,200 estimated U.S.-based employees, fewer than 2,400 as of mid-year 2017.
