Ocwen Financial Corporation experienced a surge in net income for the first quarter, which more than doubled over a year, and reported record revenue. In Q1 2013, Ocwen's net income jumped to $45.1 million, or $0.31 per share, up from 19.3 million, or $0.14 per share, a year ago. Revenue for the Atlanta-based company also surged 147 percent year-over-year to $406.7 million in Q1 2013, while income from operations increased 108 percent to $163.1 million during the same time period. ""Ocwen's core earnings and cash-flow were strong in the first quarter, and we should see these trend higher as a percentage of revenue as we drive down costs and delinquencies on newly acquired business,"" said Bill Erbey, Ocwen's chairman.

While home affordability has reached record high levels, for renters, housing cost burdens have been steadily increasing. According to the annual Housing Landscape report from the Center for Housing Policy, 26.4 percent of working renters spent more than half of their household income on housing costs in 2011. The share is an increase from 2008 when 22.8 percent of working renters had a severe housing cost burden. CHP provided two reasons the burden of renting has grown: falling incomes and rising rental housing costs. For example, the report found the median housing cost for working renters rose nearly six percent between 2008 and 2011, yet median incomes fell more than three percent.

VirPack, a provider of document management and eDelivery solutions for the mortgage industry, appointed Cy Brinn to take on the role of COO.

First quarter data from the Texas Association of Realtors showed the Lone Star state's housing market is off to a good start, pointing to a strong selling season for the summer. A report from the association revealed first quarter home sales in Texas totaled 53,937, up 17.5 percent from a year ago.

Guardian Real Estate Services promoted Adrian Boly to the newly created role of director of acquisition following recent growth within the acquisition division. Boly is charged with originating new acquisition and development opportunities for placement within Guardian's multifamily portfolio.

Auction.com, an online real estate marketplace, sold off 12 multifamily properties for just under $43 million during a three-day online auction in April. The multifamily properties, which included a total of 1,716 units, ranged in size from two to 496 units.

An Oklahoma State District judge dismissed a class action recording fee suit filed on behalf of Cleveland County and ruled in favor of MERSCORP Holdings, Inc. The Cleveland County Board of County Commissioners filed the suit, which asked for defendants to record mortgage assignments (both past and present) and pay associated fees.

Fabrizio & Brook welcomed a new attorney and hired an operations manager. Janetta Pittman is the latest addition to the firm's default litigation team in Troy, Michigan. Fabrizio & Brook also announced the appointment of Gary Szczesniak for the role of operations manager.

Sellers who go through Auctions by ATG are also presented with the opportunity to fund a nonprofit of their choice. Auctions by ATG announced it is pledging 20 percent of the commission it receives from a property seller to the nonprofit of the seller's choice.

Long & Foster Real Estate, Inc. announced the Realtor Association of Prince William named its very own Kristy Odend'hal as 2012 Sales Associate of the Year.