Ocwen Breaks Record for Revenue in First Quarter

first_img Share Ocwen Breaks Record for Revenue in First Quarter “”Ocwen Financial Corporation””:http://www.ocwen.com/ experienced a surge in net income for the first quarter, which more than doubled over a year, and reported record revenue. [IMAGE]In Q1 2013, Ocwen’s net income jumped to $45.1 million, or $0.31 per share, up from $19.3 million, or $0.14 per share, a year ago. Revenue for the Atlanta-based company also surged 147 percent year-over-year to $406.7 million in Q1 2013, while income from operations increased 108 percent to $163.1 million during the same time period. “”The Company’s string of record quarterly revenues will continue into the second quarter as we benefit from a full quarter of ResCap revenue and our recent acquisition of Ally Bank’s mortgage servicing rights,”” said Bill Erbey, Ocwen’s chairman. [COLUMN_BREAK]””Ocwen’s core earnings and cash-flow were strong in the first quarter, and we should see these trend higher as a percentage of revenue as we drive down costs and delinquencies on newly acquired business. Ocwen’s lower funding costs and improving pre-pay speeds on non-prime loans should also support better performance versus our original expectations,”” he added. This year, Ocwen has seen several of its acquisitions come to completion. In February, the Residential Capital, LLC acquisition added $269 billion of unpaid principal balance to the company’s servicing portfolio. In April, Ocwen closed deals with Ally Bank for $63.4 billion of Fannie Mae mortgage servicing rights (MSRs) and another $21.2 billion of Freddie Mac MSRs. In the same month, Ocwen “”completed””:https://themreport.com/articles/ocwen-completes-purchase-of-nations-biggest-reverse-mortgage-lender-2013-04-04 the purchase of Genworth Financial Home Equity Access, which was the number one reverse mortgage originator based on January 2013 industry data. The reverse mortgage business will be renamed Liberty Home Equity Solutions. In late 2012, Ocwen also purchased Homeward Residential, a Dallas-based servicer and originator. Ocwen reported Homeward’s lending operation originated about $2.4 billion of fundings with another $0.4 billion originated through partnerships, while total Home Affordable Refinance Program (HARP) volume reached $415 million. In the first quarter, the company completed 24,184 loan modifications, of which 34 percent were through the Home Affordable Modification Program (HAMP). in Secondary Market, Servicingcenter_img Agents & Brokers Attorneys & Title Companies Company News Investors Lenders & Servicers Mortgage Servicing Rights Ocwen Profits Quarterly Earnings Service Providers 2013-05-02 Esther Cho May 2, 2013 431 Views last_img read more

Go back to the enewsletter British Airways is lau

first_imgGo back to the e-newsletterBritish Airways is launching a new service to the French Alpine city of Chambery from Stansted and extending its Berlin service through the winter.The airline started flying from Stansted for the first time in May this year, adding a fourth London airport to its network. Summer-only flights to Berlin, Faro, Ibiza, Malaga and Palma were due to operate until the end of October. But Berlin will continue through the winter and services to Faro and Malaga will be extended until 20 November.The new twice-weekly service to Chambery will start on 16 December, complementing the British Airways service from London City Airport which operates three times a week increasing to a daily service over the Christmas and New Year period. Chambery is a gateway to many of the popular Alpine ski resorts in the area.Luke Hayhoe, British Airways’ General Manager Commercial and Customer said: “Our flights from Stansted have proved so popular with customers that we wanted to continue flying through the winter.  The introduction of the new service to Chambery also gives skiers and winter sports enthusiasts a gateway to one of the best Alpine snow regions direct from their doorstep.”Mats Sigurdson, Stansted’s Aviation Director, said: “It’s fantastic news for passengers that British Airways will continue to offer flights during the winter season to Berlin plus launch an exciting new route to Chambery to serve the Alpine ski resorts of France. “The announcement is a real vote of confidence in Stansted and recognition of the strong demand that exists across the region and will provide passengers with even more opportunities to fly from their local airport this winter.”Go back to the e-newsletterlast_img read more