Nonbank mortgage lender and servicer Ocwen Financial Corporation improved its performance in 2021, despite a deterioration in its earnings during the last three months of the year.
The company reported on Friday a $18 million profit in 2021. Ocwen posted a net loss of $40 million in 2020.
For the full year, the company’s servicing portfolio grew 42% to $268 billion. Meanwhile, the origination volume increased 93% last year to $2.8 billion. Reverse originations, boosted by the acquisition of Reverse Mortgage Solutions, increased from $942 million in 2020 to $1.5 billion in 2021.
The performance last year was consistent with the company’s expectations, according details ⇒
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