This is the insane pool/patio video everyone is going crazy over

This is the insane pool/patio video everyone is going crazy over

Never expected our Facebook to blow up over one of these

Freddie Mac: Here are the top 5 improving metro housing markets

Not just L.A. and NYC

It’s official: Steve Horne out as Wingspan CEO

Jason Spooner takes over; Horne becomes senior advisor
W S
Servicing / The Ticker

HW 30 rises, servicer stocks take a tumble

Ocwen earnings show the servicer is profitable, but outside its target

stock2

The HW 30 finished up Friday, despite numerous mortgage-related stocks taking a hit, including the mega servicers, which fell alongside Ocwen Financial Corp. (OCN) as the firm missed certain goals in its third-quarter earnings.

HW rose 0.14% Friday, following the Dow Jones Industrial Average, Nasdaq and S&P 500 higher.

Ocwen’s stock fell more than 5% Friday a day after the company reported a solid profit and revenue, but admitted its historic margins have been suppressed by loan transfers as the company focuses on ensuring the boarding process is seamless.

Ocwen posted a profit of $67 million, or 44 cents a share, in the third quarter. That is up from $51.4 million, or 37 cents a share, from 2Q of 2012. The company’s revenue also grew 128% from last year.

But having to board loans, particularly those from OneWest, pulled a little wind out of the firm’s margins.

On this news, Ocwen’s stock remained low Friday. Oddly enough, the firms that most resemble Ocwen in terms of their business and exposure to servicing changes – Walter Investment Management Corp. (WAC) and Nationstar (NSM) also took a hit on the HW 30, with both stocks falling.

Walter Investment Management fell 3.59%, while Nationstar’s stock declined 1.58% in Friday trading.

Recent Articles by Kerri Panchuk

Comments powered by Disqus