Ocwen Financial Announces Preliminary Fourth Quarter 2019 Financial and Operating Results
Ocwen Financial Corporation NEW (OCN)
Last ocwen financial corporation new earnings: 5/2 06:30 am
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US:NYSE Investor Relations:
shareholders.ocwen.com/investor-relations
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Source: GlobeNewswire
Continued strong execution against key business initiatives resulted in estimated fourth quarter 2019 pre-tax income of $37 million, net income of $35 million, pre-tax earnings excluding income statement notables of approximately $12 million, and total shareholders’ equity of $412 million as of December 31, 2019 Company believes it remains on track to achieve pre-tax profitability, excluding income statement notables and amortization of NRZ lump-sum payments, by the third quarter 2020, assuming the Company achieves its objectives and there are no adverse changes to current market, business or industry conditions, or legal and regulatory matters Expect an estimated $47 million favorable adjustment to stockholders’ equity associated with the adoption of the new credit loss accounting standard referred to as CECL in the first quarter 2020 relating to reverse mortgage tail draws January annualized origination volume from combined lending and flow channels of approximately $9 billion re
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