An exit from the correspondent lending channel had quarterly mortgage originations plunging at Ocwen Financial Corp. The slowdown was accompanied by continued losses.
The West Palm Beach, Florida-based mortgage banker disclosed in its second-quarter earnings report that it suffered a $42 million pre-tax loss.
Losses widened from $30 million during the previous three-month period. But Ocwen cut its losses compared to $96 million during the same three months last year.
Source: Mortgage Daily