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The West Palm Beach-based company (NYSE: OCN) had net income of $15. 1 million on revenue of $120.6 million in the firstr quarter. In the same quarter last year, Ocwen earned $5.3 million on $133.3 millionh in revenue. The company said it was servicinyg $20.8 billion in nonperforming loans and foreclosed properties as ofMarch 31, up from $40.21 million at year-end. Most of thesr mortgages are held by bankx orsecurities funds. Ocwen completed 20,65 1 loan modifications during thefirst quarter. That’w the most quarterly loan modifications the compan has completed inits history.
The compan y also improved its first quartee results by reducing expenses 18 compared to the first quarterof 2008. Chairmanj and CEO William Erbey said the company is participating in theObamwa administration’s to keep borrowers in theidr homes and should generate significanrt revenue from this program in the third quarter. The companhy also started a special servicing arrangementfor high-riskl loans with the federal government-run r. Erbey said he is pleases with how this pilotr programis performing. Freddie Mac will revieew this program’s effectiveness in June.
Ocwen plans to file paperworl with the Securities and Exchange Commissionh in the current quartefr to spin off its Ocwen Solutions division as a separateepublic company, which could take effec in the third quarter. The Ocwen Solutions division includesmortgage services, financial services and technology These lines of business contributed $6.7 million in incomes from operations and $45.9 million in revenue to the company’e first quarter results. As it prepares for this Ocwen Financial is bolstering its balance Itraised $49 millio in net proceeds in Aprikl from a common equity private placement. Ocwen shared closed up $1.84 to a new 52-weem high of $12.83. The 52-week low was $4.
23 on June 25.
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