Ocwen Financial Corporation (OCN) saw its loss narrow to $32.72 million, or $0.26 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $111.33 million, or $0.90 a share.
Revenue during the quarter went down marginally by 2.69 percent to $321.86 million from $330.76 million in the previous year period. Non-interest income for the quarter rose 0.86 percent over the last year period to $300.21 million.
"I am pleased that our servicing business had its third consecutive profitable quarter and that our origination business returned to profitability this quarter," commented Ron Faris, president and chief executive officer.
Liabilities outpace assets growthTotal assets stood at $7,863.14 million as on Mar. 31, 2017, up 6.16 percent compared with $7,407.11 million on Mar. 31, 2016. On the other hand, total liabilities stood at $7,239.71 million as on Mar. 31, 2017, up 8.56 percent from $6,668.64 million on Mar. 31, 2016. Investments stood at $1,392.42 million as on Mar. 31, 2017, down 19.09 percent or $328.48 million from year-ago. Shareholders equity stood at $623.43 million as on Mar. 31, 2017, down 15.58 percent or $115.03 million from year-ago.
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