CoreLogic: Foreclosures down more than 25% since August 2014

CoreLogic: Foreclosures down more than 25% since August 2014

Foreclosure pipeline of legacy loans remains elevated

Here’s how TRID is changing the mortgage industry

Up and down the pipeline things are changing

Monday Morning Cup of Coffee: Is Fed, housing policy at a crossroads?

Plus why private investors don’t want to buy mortgages, TRID and more

Altisource profits surge on Ocwen growth

/ Print / Reprints /
| Share More
/ Text Size+

As the largest subprime servicer Ocwen Financial Corp. (OCN) grows, its primary asset manager Altisource (ASPS) gains.

Altisource reported a net income of $25.2 million, or $1.02 a share, in the first quarter, up more than 70% from the $14.8 million in profits reported last year.

In 2009, Altisource spun off of Ocwen to become a publicly traded REO and title insurance company. Business ties remain, however, and as Ocwen continues to buy mortgage servicing rights. New revenue trickles down to Altisource for handling properties Ocwen foreclosed on.

Revenue at Altisource totaled $108.5 million, up 51%.

"The year-over-year growth in net income and service revenue is primarily from the increase in Ocwen's residential loan servicing portfolio," Altisource said in its release Thursday.

Altisource sold more than 6,000 REO properties through its Web-based portal during the quarter, but gave no comparative figures for the previous period.


Recent Articles by Jon Prior

Comments powered by Disqus