Ocwen Financial Corp. got back in the black during the first quarter after selling
Net income for the quarter was almost $3 million, up from a loss of more than $35 million during the same quarter a year ago, and a net loss of more than $32 million during the fourth quarter of 2017.
"The first quarter of 2018 was an important one for Ocwen, and we accomplished a great deal," said Ron Faris, Ocwen's
"In addition to starting out the year with a $2.6 million profit, we received
Ocwen also "largely completed the liquidation of Automotive Capital Services," Faris said. The company took an almost $3 million loss related to ACS.
Other notable line items during the quarter included more than $20 million in "favorable Ginnie Mae and [government-sponsored enterprise mortgage servicing rights] fair value adjustments as the result of rising interest rates," according to the company's press release.
However, these were offset by a $21 million loss due to costs from "ongoing strategic transactions and restructuring costs, regulatory related legal fees and other litigation and regulatory settlement expenses."