Ocwen Financial Corp. reduced its net loss in the fourth quarter, a reflection of the company's efforts to reduce expenses.
The West Palm Beach, Fla.-based company reported a net loss of $10.4 million, as compared with a net loss of $224.4 million a year earlier. Diluted losses per share were 8 cents.
For the full fiscal year, Ocwen posted a net loss of $199.8 million, again smaller than its net loss of $247 million in 2015.
The company's total revenue decreased 10.6% year over year to $323.9 million, due to portfolio run-off. Expenses similarly shrank though, falling by 33.9% from the fourth quarter of 2015 to $237.9 million.
Ocwen had a servicing portfolio of $209 billion as of Dec. 31, 2016, down from $251 billion one year prior.
At the segment level, Ocwen's servicing division swung to net earnings of $43.3 million from a net loss of $62.6 million a year ago, with a 36% reduction in expenses making up for a dip in revenue. Ocwen's lending segment reported a $3.1 million net loss, an improvement from the net loss of $5.1 million the year prior.
