Home Loan Servicing Solutions posts $34.9M profit
Home Loan Servicing Solutions (HLSS) posted a net income of $34.9 million, or 49 cents a share, for the third quarter of 2013, the company said in a press statement.
Furthermore, the company's board of directors declared monthly dividends of 15 cents a share for October, November and December 2013.
“The asset purchase from Ocwen completed on July 1, 2013 fully deployed the proceeds from our June term loan and equity issuances and nearly doubled the unpaid principal balance of our portfolio," said President and CEO John Van Vlack. "The earnings from this accretive acquisition fueled growth in EPS despite the somewhat higher prepayment rate on assets recently boarded on Ocwen's platform which resulted in an overall annualized prepayment rate of 13.7% in the third quarter. Loss mitigation activities on new portfolios often result in higher initial prepayment speeds but ultimately will result in lower default related prepayments."