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Ocwen Financial reports net loss for Q1

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Ocwen Financial reports net loss for Q1

Ocwen FinancialCorp. on April 27 reported a first-quarter net loss attributable tostockholders of $111.3 million, or 90 cents per share, compared with net incomeof $34.4 million, or 27 cents per share, in the year-ago quarter.

Pretax loss for the quarter was $102.1 million. Pretax resultswere impacted by a number of significant items, including but not limited to $32.7million of unfavorable interest rate driven fair value changes related to GinnieMae and government-sponsored enterprise mortgage servicing rights, excluding runoff,and $30.0 million of monitor costs. Adjusting for those two significant items, thepretax loss was $39.4 million.

The company's servicing segment recorded a $68.3 million pretaxloss, inclusive of the $32.7 million MSR fair value changes. The lending segmentreported a $2.0 million pretax gain driven by higher lock volumes across the correspondentand direct channels.

Ocwen generated total revenue of $330.8 million in the quarter,down from $510.4 million in the year-ago quarter, primarily driven by the impactof sales of agency MSR and portfolio runoff in 2015.