Ocwen Financial Stock Plummets Faster Than Contestants On A Japanese Game Show

Ocwen Financial Stock Plummets Faster Than Contestants On A Japanese Game Show. Is New Boss From PHH To Blame?

Ocwen FinancialOcwen Financial saw its stock plummet last week by more than 17%. The company reported a net loss of $41 million or $0.31 per share for the third quarter of 2018.
Ocwen Financial shareholders wonder if Newly appointed CEO Glenn Messina is up to the job fixing Ocwen. Messina is widely blamed for the problems that plagued PHH.
Ocwen Financial also saw it’s net loss far exceeded its $6.1 million loss in the third quarter of 2017. The results underscore the mortgage service industry’s continued challenges to remain profitable amid weaker margins and intense regulatory scrutiny.
Ocwen Financial stated that nearly a third of its pre-tax losses or $13.9 million in the 3rd quarter were attributable to its servicing segment. 
The non-bank mortgage servicer also saw revenue fall 16% to $238.3 million during the third quarter.
Ocwen Financial officially acquired PHH in October for $360 million. Ocwen’s CEO Messina, who took the position in October, said in a conference call with analysts that the company would see $100 million in cost savings from the acquisition. He also said it would finish integrating PHH into Ocwen in 9 to 12 months.

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