Nationstar Mortgage Holdings released its first quarter earnings Thursday which came in significantly lower than the fourth quarter.

The company reported a net income of just $2 million or $0.02 per diluted share, down substantially from $198 million in the fourth quarter. On an adjusted basis, Nationstar reported earnings of $29 million for the first quarter, or $0.30 per share.

Total revenues also plummeted, hitting $427 million in the first quarter. This is down from $789 million in the fourth quarter.

The servicing segment of the company, however, performed better than the fourth quarter with an adjusted pretax income of $65 million, up from the fourth quarter’s $58 million. In fact, while significantly lower than last quarter’s $528 million, servicing still lead the company’s revenues in the first quarter with $200 million. This is compared to just $141 million from originations.

“In the quarter, servicing delivered solid operational results with 5.6 basis points in profitability,” Nationstar Chairman and CEO Jay Bray said. “In addition, we right-sized the originations segment to operate efficiently in the current interest rate environment and made significant progress with Xome that we expect will drive enhanced earnings as we enter the second quarter.”

“Looking forward, we believe we have significant growth prospects across all three segments and we continue to evaluate additional ways to increase shareholder value under our new Mr. Cooper brand,” Bray said.