Despite significantly lower mortgage originations, Ocwen Financial Corp. managed to swing from a quarterly loss to a profit. The servicing portfolio was reduced.
Income before income taxes in the first-three months of 2018 came to $5 million, according to the West Palm Beach, Florida-based company’s first-quarter earnings report.
Ocwen’s income swung from a $30 million loss during the same three months last year and a $45 million loss during the preceding three-month period.
Source: Mortgage Daily