DSNews The homepage of the servicing industry
Ocwen Financial experienced its second straight financially difficult year, reporting a net loss of 224 million dollars for the fourth quarter of 2015 and a net loss of 246 million dollars for the full year of 2015 in the servicer’s earnings statement released on Monday. Although a net loss of 224 million dollars is bad news for any for-profit company, it is still an improvement from Ocwen’s regulatory turbulent year of 2014 in which the company reported a record net loss of 546 million dollars.
Revenues were also down for the Atlanta-based servicer. Ocwen’s fourth-quarter revenue of 362 million dollars represented a 26 percent decline from the fourth quarter of 2014, primarily due to the impact of mortgage servicing rights sales and portfolio run-off in 2015. The company’s revenue for the full year of 2015 was 1 point 7 billion dollars, a decline of 17 percent year-over-year.
Freddie Mac announced on Monday its intent to sell its second Structured Agency Credit Risk offering of debt notes for 2016. The latest offering is priced at 475 million dollars and contains loans with LTVs ranging from 80 to 95 percent. The offering has a reference pool of single-family mortgages with an aggregate unpaid principal balance of 17 point 5 billion dollars. The pool contains a subset of 30-year fixed-rate single-family mortgages Freddie Mac acquired during a three month period between April 1, 2015, and June 30, 2015.
