Mortgage servicer Ocwen Financial Corp. (OCN) reported its second-quarter net income increased 70% as it benefited from servicing and subservicing fees and fewer loan defaults, Reuters news reported Thursday.

The company's 2Q net income hit $44.8 million, or 32 cents a share, up from $26.4 million, or 25 cents a share, a year ago.

Revenue also doubled year-over-year, hitting $211.3 million.

Click here to read the complete Reuters news article on Ocwen.