Ocwen Financial Corporation (OCN) saw its loss narrow to $10.44 million, or $0.08 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $224.24 million, or $1.79 a share. Revenue during the quarter dropped 10.64 percent to $323.90 million from $362.46 million in the previous year period. Non-interest income for the quarter fell 5.95 percent over the last year period to $327.60 million.
“We are pleased with the progress the Company made in the second half of the year. Not only did we deliver significantly improved financial performance versus the first half of the year, we continued our industry leadership in helping struggling families remain in their homes through responsible loan modifications. We also refinanced our corporate debt, improved our cost structure and raised our servicer ratings and rankings. In addition, we continued to make progress towards resolving our major legacy legal and regulatory issues; but more progress is needed for us to complete our stabilization process,” commented Ron Faris, president and chief executive officer of Ocwen.
Liabilities outpace assets growth Total assets stood at $7,655.66 million as on Dec. 31, 2016, up 3.39 percent compared with $7,404.81 million on Dec. 31, 2015. On the other hand, total liabilities stood at $7,000.38 million as on Dec. 31, 2016, up 6.87 percent from $6,550.17 million on Dec. 31, 2015. Investments stood at $1,709.85 million as on Dec. 31, 2016, down 20.51 percent or $441.22 million from year-ago. Shareholders equity stood at $655.28 million as on Dec. 31, 2016, down 23.33 percent or $199.36 million from year-ago.
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