Ocwen Fincl reports Q4 (Dec) results, misses on revs :
- Reports Q4 (Dec) GAAP loss of $1.79 per share, may not be comparable to the Capital IQ GAAP Consensus of ($0.36); revenues fell 26.5% year/year to $362.46 mln vs the $375.63 mln Capital IQ Consensus. Pre-tax results were impacted by a number of significant items including but not limited to: $(22.1) million of monitor costs, $(14.0) million of net losses from sales of non-performing agency MSRs, $(13.9) million in legal and other settlement costs, $9.7 million of benefit from fair value changes related to GNMA and GSE MSRs (excluding runoff) and $(8.2) million in restructuring costs. Servicing recorded a $(62.6) million pre-tax loss inclusive of the loss on sales of MSRs and MSR fair value changes.
- In the fourth quarter Ocwen originated forward and reverse mortgage loans with UPB of $813.8 million and $173.3 million, respectively.
- In the fourth quarter Ocwen formally launched a new commercial lending business line called Automotive Capital Services. ACS makes short-term inventory-secured loans to independent used car dealers to finance their inventory. As of February 25, 2016, Automotive Capital Services had entered 8 sales markets in 5 states and executed credit lines with 22 dealers for $19 million of new commitments.
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