Ocwen Financial (OCN) Posts Q3 EPS of 8c

Ocwen Financial (NYSE: OCN) reported Q3 EPS of $0.08, $0.40 better than the analyst estimate of ($0.32). Revenue for the quarter came in at $359.45 million versus the consensus estimate of $353.08 million.

Pre-tax income for the third quarter of 2016 was $2.4 million, a $98.8 million improvement from the second quarter of 2016. Pre-tax results for the quarter include a number of significant items, including but not limited to: $12.0 million of gains from the execution of servicer “clean up” call rights, $5.7 million from the sale of agency mortgage servicing rights (“MSRs”) on approximately $3.3 billion of unpaid principal balance (“UPB”), $(15.1) million of third-party monitor costs, $(10.0) million of additional reserves for the potential California regulatory settlement and $(7.0) million of incremental reserves for the previously disclosed letter dating remediation based on final submitted claims.

For earnings history and earnings-related data on Ocwen Financial (OCN) click here.

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