Last $23.62 USD
Change Today +0.22 / 0.94%
Volume 1.6M
OCN On Other Exchanges
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As of 8:04 PM 11/26/14 All times are local (Market data is delayed by at least 15 minutes).

ocwen financial corp (OCN) Key Developments

An Update On Sale Of Wells Fargo Portfolio

Ocwen Financial Corp. (NYSE:OCN) to halt its runoff of its servicing book, and could result in a resumption of talks to acquire a $39 billion servicing portfolio from Wells Fargo& Company (NYSE:WFC).

Ocwen Financial Corp. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Ocwen Financial Corp. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company's total revenue was $513.7 million compared with $531.2 million a year ago. The large driver of revenue decline was a slowdown in loan resolutions, namely modifications and other outcomes. Income from operations was $58.7 million compared with $184.98 million a year ago. Loss before income taxes was $72.3 million compared with income of $69.4 million a year ago. Net loss was $75.3 million compared with net income of $60.6 million a year ago. Net loss attributable to the company stockholders was $75.4 million compared with net income of $60.6 million a year ago. Net loss attributable to the company common stockholders was $76.2 million or $0.58 per diluted share compared with net income of $54.7 million or $0.39 per diluted share a year ago. Normalized income before income taxes was $64.8 million compared with $147.3 million a year ago. Normalized pretax earnings were impacted by $120.0 million of reserves for various regulatory and legal matters, including a $100.0 million accrual for a potential settlement with the New York Department of Financial Services, $9.0 million for Fair Value changes and $8.1 million of integration, technology-related and severance costs. Cash provided by operating activities was $349 million compared with $137 million a year ago. Adjusted cash flow from operations was $280 million compared with $137 million a year ago. Normalized adjusted cash flow from operations was $195 million compared with $278 million a year ago. The company recorded a $72 million pretax loss and $65 million in normalized pretax earnings. Normalized pretax earnings were down 41% versus the second quarter of 2014, primarily driven by the servicing revenue decline. For the nine months, the company's total revenue was $1,618.0 million compared with $1,482.3 million a year ago. Income from operations was $468.3 million compared with $521.9 million a year ago. Income before income taxes was $76.6 million compared with $198.9 million a year ago. Net income was $52.2 million compared with net income of $175.1 million a year ago. Net income attributable to the company stockholders was $52.1 million compared with $175.1 million a year ago. Net income attributable to the company common stockholders was $49.3 million or $0.36 per diluted share compared with $164.1 million or $1.17 per diluted share a year ago.

Ocwen Financial Corp. to Report Q3, 2014 Results on Oct 30, 2014

Ocwen Financial Corp. announced that they will report Q3, 2014 results at 11:30 AM, GMT Standard Time on Oct 30, 2014

Ocwen Financial Corp., Q3 2014 Earnings Call, Oct 30, 2014

Ocwen Financial Corp., Q3 2014 Earnings Call, Oct 30, 2014

Ocwen Reaches 500,000 Loan Modification Milestone

Ocwen Financial Corporation announced that it has reached a significant milestone by making its 500,000 loan modification. Since 2008 Ocwen has been dedicated to helping families keep their homes with sustainable modifications through both HAMP and non-HAMP programs. With over 500,000 modifications, including 290,000 HAMP modifications, Ocwen is a leader in foreclosure prevention with 44% more modifications than any other servicer. Ocwen's commitment to foreclosure prevention is supported by its long-standing partnerships with nonprofit community advocacy and housing counseling groups throughout the country. These relationships allow Ocwen to identify more opportunities to positively impact local communities by keeping borrowers in their homes.

 

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Company Last Change
Flagstar Bancorp Inc $15.48 USD +0.08
Home Loan Servicing Solutions Ltd $19.75 USD -0.05
Nationstar Mortgage Holdings Inc $30.13 USD +0.27
PHH Corp $23.20 USD -0.08
Walter Investment Management Corp $18.81 USD -0.03
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OCN

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Valuation OCN Industry Range
Price/Earnings 17.5x
Price/Sales 1.4x
Price/Book 1.9x
Price/Cash Flow 6.4x
TEV/Sales NM Not Meaningful
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