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Ocwen’s Earnings, Mortgage Originations Improve

Mortgage News

Quarterly earnings and mortgage originations improved at Ocwen Financial Corp.  Meanwhile, the mortgage servicing portfolio and staffing have been reduced.

Pre-tax income was $2 million in the period that began on July 1, 2016, and concluded on Sept. 30. Earnings swung from a $96 million second-quarter loss.

The West Palm Beach, Florida-based organization detailed its financial and operational performance Wednesday in its third-quarter 2016 earnings report.

Earnings also swung from a loss in the same three-month period in 2015 of $56 million.

The last time Ocwen earned a profit was in the second-quarter 2015.

Residential loan originations totaled approximately $1.4 billion during the three months ended Sept. 30, 2016. Business was better than $1.320 billion in the second quarter and $1.315 billion in the third-quarter 2015.

For all three quarters so far in 2016, mortgage production amounted to roughly $3.7 billion.

Third-quarter 2016 volume included $1.2 billion in forward mortgages and $0.213 billion in reverse mortgages.

The total mortgage servicing portfolio, including subservicing, was $216.892 billion
as of the end of last month. With a subservicing portfolio that was previously reported at $12.720 billion as of June 30, 2016, the estimated primary servicing portfolio was around $204.7 billion as of Sept. 30.

The primary servicing portfolio was $216.556 at the end of the second-quarter 2016 and
$238.108 billion at the end of the third-quarter 2015.

Ocwen said it owned $3.340 billion in reverse mortgages at fair value as of the most-recent date. The balance
increased from $3.058 billion at the end of June and $2.320 billion at the same point last year.

Delinquency concluded last month at 11.4 percent, improving 50 basis points from mid-2016.

The third-quarter 2016 ended with 1,873 U.S. employees. Headcount declined from 2,052 the previous quarter. In the third quarter of last year, staffing averaged 1,882.

An additional 7,185 offshore employees were reported as of last month.

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