Wednesday Nationstar Mortgage, or should I say Mr. Cooper?, reported revenues significantly above last quarter and even last year.
The quarterly net income hit $198 million in the fourth quarter, or $2.01 per diluted share, up from just $0.46 last quarter. This is adjusted earnings per share of $0.36, $0.07 less than expectations.
The company’s revenue, on the other hand, did not disappoint, increasing over 45.5% from last quarter’s $542 million to $789 million in the fourth quarter. This is up 37% from last year’s revenue.
This comes just after Nationstar announced last quarter its servicing portfolio grew to its largest point in the company’s history.
Nationstar’s interest income also increased from the third quarter’s $103 million to $112 million in the fourth quarter. In fact, net income increased nearly 500% from last quarter’s $42 million to $198 million in the fourth quarter.
“Nationstar had an incredible year of success in 2016,” Nationstar Chairman and CEO Jay Bray said. “We increased servicing profitability bps over 87% while ending the year with a record 2.9 million customers.”
“We enter 2017 with solid momentum and the opportunity to welcome almost 1 million new customers to our servicing platform as we continue on our journey to reinvent the mortgage experience for the customer and enhance our leadership role in residential servicing,” Bray said.