Ocwen Financial (OCN) Misses Q3 EPS by 1c

Ocwen Financial (NYSE: OCN) reported Q3 EPS of $0.58, $0.01 worse than the analyst estimate of $0.59. Revenue for the quarter came in at $485.3 million versus the consensus estimate of $542.76 million.

For earnings h

Third Quarter 2014 Business Highlights

• Completed 21,543 loan modifications with HAMP modifications accounting for 41% of the total. Modifications that included some principal reduction accounted for 47% of total modifications.
• The constant pre-payment rate ("CPR") decreased slightly from 12.9% in the second quarter of 2014 to 12.8% in the third quarter of 2014. In the third quarter of 2014, prime CPR was 15.0%, and non-prime CPR was 9.7%.
• Delinquencies increased slightly from 12.9% at June 30, 2014 to 13.4% at September 30, 2014.
• Deferred servicing fees ("DSF") related to delinquent borrower payments amounted to $559.0 million at the end of the quarter. Ocwen does not recognize DSF as revenue until collected, and it does not accrue DSF on its balance sheet.
• Originated forward and reverse mortgage loans with UPB of $1.1 billion and $168.0 million, respectively.
• Lending operations generated a $6.6 million pre-tax profit, up 17% compared to the third quarter of last year.
• Generated $349 million of Cash from Operating Activities and $195 million of Normalized Adjusted Cash from Operating Activities, a non-GAAP measure that adjusts for the impact of advance financing and loans held for sale.
• Ocwen completed the repurchase of 5,307,019 common shares under its $500 million repurchase program, for a total outlay of $158.8 million.

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