Breaking News
  • It’s official: Ben Carson accepts nomination as next HUD secretary

    The wait is over — Ben Carson accepted the role of secretary of the U.S. Department of Housing and Urban Development, pending congressional approval. But this isn’t news to HousingWire readers, who knew last week that a source close to Carson confirmed that he would accept the nomination. Click the headline to read more.


Ocwen: Wells Fargo MSR deal on indefinite hold

Company promotes chief financial officer

red light

Ocwen Financial Services’ (OCN) $2.7 billion mortgage-servicing rights transaction with Wells Fargo (WFC) remains on an indefinite hold, Ronald Faris, president and CEO of Ocwen, said during the first-quarter earnings conference call. 

Wells Fargo’s portfolio of residential mortgage servicing rights holds roughly 184,000 loans linked to the transaction. The portfolio represents approximately 2% of the banks total residential servicing portfolio.

However, Faris noted that the company continues to invest in its compliance and risk management systems.

Meanwhile, the company announced during the conference call that John Britti, current executive vice president and chief financial officer, will be promoted to chief investment officer.  

Thursday morning Ocwen Financial Services reported net income of $75.8 million, or $0.54 per share, for the first quarter of 2014 compared to net income of $45.1 million, or $0.31 per share, for the first quarter of 2013.

The nonbank generated revenue of $551.3 million, up 36% from the first quarter of 2013. Income from operations grew by 24% to $202.1 million for the first quarter of 2014 as compared to $163.6 million for the first quarter of 2013.

However, Ocwen significantly fell short on earnings estimates, missing earning per share by 46 cents and revenue by $17.58 million. 


Services Guide

Comments powered by Disqus