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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ocwen Financial Corp | NYSE:OCN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 27.15 | 0 | 09:05:19 |
By Everdeen Mason
Ocwen Financial Corp. said its fourth-quarter earnings jumped 60%, after the New York Department of Finance said it is examining the mortgage-servicing company over concerns that it is growing too quickly.
The department of finance said the company's close relationships with other firms may harm borrowers, after it and other authorities alleged Ocwen and other nonbank mortgage-service firms have grown too quickly, resulting in many of the same problems for borrowers seen following the financial crisis, The Wall Street Journal reported this week.
"We are working cooperatively with the New York Department of Financial Services to address its concerns that led to an indefinite hold on our transaction with Wells Fargo," said Chairman Bill Erbey on Thursday. He said the company has grown as prepayments trend lower, on its ability to help homeowners with foreclosure, and as an improved economy drives down loan delinquencies.
For the fourth quarter, Ocwen reported earnings of $105.3 million, or 74 cents a share, up from $65.3 million, or 47 cents a share, a year earlier.
Revenue more than doubled to $556 million as its largest segment, servicing and subservicing fees, posted soaring revenue growth to $490.2 million.
Analysts polled by Thomson Reuters expected per-share earnings of 76 cents and revenue of $560 million.
Meanwhile, the company's total operating expenses more than tripled to $340.9 million.
The New York Department of Financial Services has been scrutinizing Ocwen's business amid concerns by the regulator that the company isn't equipped to handle the growth of its servicing portfolio. Earlier this month, Superintendent Benjamin Lawsky halted a deal in which Ocwen agreed to buy the rights to service $39 billion of mortgages from Wells Fargo & Co., citing concerns about the company's rapid growth.
Andrew R. Johnson contributed to this article.
Write to Everdeen Mason at everdeen.mason@wsj.com
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