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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 | |
---|---|---|---|---|---|---|---|---|
-0.195 | -0.76% | 25.465 | 26.40 | 24.8998 | 25.53 | 18,233 | 16:33:21 |
Ocwen Financial Corp. reported a preliminary $598.4 million loss in its fourth quarter on a heavy write-down, though the embattled mortgage-servicing company said it expects to return to profitability in 2015.
Ocwen has delayed filing its annual report, and as a result has been threatened with a possible delisting by the New York Stock Exchange.
Ocwen said Tuesday's results are preliminary and could change. It said it doesn't have an estimate for when its 2014 financial statements will be finalized.
Still, the company said Tuesday that it is making progress, generating cash through asset sales and improving its risk and compliance systems. The company said it expects to meet all of its financial and servicing obligations this year.
"We are optimistic that the investments we have made and are making in these areas reduce significantly the substantial risks associated with noncompliance with laws and regulations, and improves our service to homeowners which will ultimately result in better overall returns to our shareholders," said Ocwen Chief Executive Ron Faris in a news release.
Ocwen's shares gained 4.9% in premarket trading.
The results come as the embattled mortgage-servicing company faces a series of challenges. The company agreed in December to pay $150 million, and William Erbey, its executive chairman, agreed to step down after New York state's Department of Financial Services alleged Ocwen had engaged in improper servicing practices for distressed-mortgage borrowers and had questionable dealings with affiliated companies.
Since then, Ocwen has said it would sell off its servicing rights for mortgages owned by the government-supported entities Fannie Mae and Freddie Mac, and focus on so-called nonagency mortgages.
For the quarter ended Dec. 31, Ocwen reported a loss of $598.4 million, or $4.77 a share, compared with a profit of $134.3 million, or 95 cents a share, a year earlier.
The quarter's result included a write-down of $420.2 million and $113.9 million in professional-service charges.
Total revenue fell 11.3% to $$493.3 million.
Analysts had projected a 35-cent profit and $498.4 million in revenue, according to Thomson Reuters.
Write to Chelsey Dulaney at chelsey.dulaney@wsj.com
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