General World News

Ocwen earnings down amid higher rates, spreads

Florida-based mortgage servicing company Ocwen Financial — the parent company of entities including PHH Mortgage Corp. and Liberty Reverse Mortgage — recorded a pre-tax loss of $26 million in Q2 2022 compared to income of $6 million one year prior. The company attributes those losses to higher mortgage interest rates and spreads as well as asset sales, according to a company earnings presentation Thursday.

Net income in Q2 2022 sat at $10 million, down from the $58 million recorded in Q1. While the losses are apparent, company CEO Glen Messina argues that the company’s diversified business model has worked details ⇒

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