"I am proud of what we have accomplished as far as managing the business through this difficult transition period. We made great progress on our asset sale strategy, have returned to profitability and continue to generate substantial operating cash flow," said Ron Faris, President and CEO of Ocwen. "However, I am not satisfied with only making $34 million in the quarter. We intend to do better."
Read More »Credit Trends in Mortgage Insurance Drive Strong Q1 for Radian
Philadelphia-based Radian reported $9.4 billion in new mortgage insurance written (NIW) and $172.1 billion in total primary mortgage insurance in force during Q1, according to the company's First Quarter 2015 Financial Results released Thursday.
Read More »Strong Equity Sales and Investments Drive Solid Q1 for Morgan Stanley
The firm credited solid investment in institutional securities and equity sales as major factors in its Q1 performance. Net revenues from institutional securities (excluding debt value adjustment) were $5.3 billion. Equity sales and trading net revenues were $2.3 billion, up from $1.7 billion a year ago.
Read More »Q1 Net Revenues for Goldman Sachs Hit Four-Year High; Citi Profits Despite Lower Revenues
Michael Corbat, CEO of Citigroup, said the announced sale of OneMain, the largest business remaining in Citi Holdings and which the bank sold to Springleaf Holdings for $4.25 billion in March, helped make for a profitable quarter. "We had a strong quarter overall, particularly in executing against our top strategic priorities,” Corbat said, adding that the bank grew loans and deposits in its core businesses and tightly managed its expenses.
Read More »Delinquency Decline Helps Bank of America Reach $3.4 Billion Q4 Net Income
In its Q1 2015 earnings report released Wednesday, Bank of America reported a net income of $3.4 billion, or 27 cents per diluted share, in part due to an increase in mortgage originations and a decline in the number of 60-plus day delinquent mortgages.
Read More »First Quarter Sees Solid Year-Over-Year Revenue Increases for Wells Fargo, Chase
Also, lower gains in private equity partially offset the increase in fee revenue in asset management and mortgage banking Chase received in Q1. Chase's net interest income for Q1 was $11 billion, which was relatively unchanged from Q1 2014.
Read More »Tumultuous Year Results in Half-Billion Dollar Loss for Ocwen
Announcement of the loss hardly comes as a surprise. The firm announced in early February that it was anticipating a loss in its then-coming earnings report. That announcement was followed by a spate of sales of servicing rights to several firms.
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