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StreetInsider.com
Jun 14
Comment
* Elan Corporation, plc (NYSE: ELN) announced that it is proceeding with a formal sale process in light of the expressions of interest received to date. As part of this process, Royalty Pharma will be invited to participate if they so wish....
TheStreet.com
Jun 14
Comment
Ocwen Financial story updated to include statement from OneWest.
NEW YORK (TheStreet) -- Ocwen Financial , the nation's fourth-largest mortgage servicer, bought the rights to service $78 billion in mortgages from OneWest Bank, the former...
Benzinga
May 17
Comment
In a report published Friday, Sterne Agee analyst Henry J. Coffey reiterated a Buy rating on Ocwen Financial Corp. (NYSE: OCN), and raised the price target from $45.00 to $53.00.
In the report, Coffey noted, “Our analysis suggests that in...
Bankstocks.com
May 16
Comment
A 20-fold gain in just six months for an Ocwen spin-off has investors salivating at the prospect of a similar deal.
StreetInsider.com
May 9
Comment
Visit StreetInsider.com at http://www.streetinsider.com/Equity+Offerings/Ocwen+Financial+%28OCN%29+Files+Common%2C+162K+Preferred+Shelf/8320305.html for the full story.
MarketWatch
May 8
Comment
Shares of Ocwen Financial Corp. surged Wednesday afternoon after money manager Steven Eisman spoke favorably of the mortgage loan originator at the Ira Sohn conference in New York. Eisman called Ocwen "utterly mispriced," adding that Ocwen is...
Benzinga
May 6
Comment
In a report published Monday, Piper Jaffray analyst Michael J. Grondahl initiated coverage on Altisource Residential Corp. (NYSE: RESI) with an Overweight rating and $24.00 price target.
In the report, Grondahl noted, “We believe RESI...
TheStreet.com
May 3
Comment
Doug Kass and I are in Omaha, Neb. for the annual Berkshire Hathaway (BRK.A) shareholders' meeting. Doug has been chosen to be the "credentialed bear" at the meeting, focusing on six tough questions for Warren Buffett and his board. While he gears...
StreetInsider.com
May 2
Comment
Visit StreetInsider.com at http://www.streetinsider.com/Earnings/Ocwen+Financial+Corp.+%28OCN%29+Misses+Q1+EPS+by+44c/8298541.html for the full story.
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more ▼WIKI ANALYSIS
WIKI ANALYSIS
Ocwen Financial Corporation (OCN) is a financial services company based in West Palm Beach, Florida, whose main business is the servicing of residential and commercial mortgage loans.
Business Overview
Business & Financial Metrics[1]
In 2009, OCN generated a net income of $272 thousand on revenues of $380.7 million. This represents a 97.9% plummet in net income and a 22.6% drop in revenue from 2008, when the company earned $13.2 million on $492.1 million in revenue.
Business Segments[2]
OCN operates through six reportable segments which are grouped into two lines of business.
Ocwen Asset Management
- Servicing (71.3% of 2009 revenue): This segment provides loan servicing to owners of subprime residential mortgages.[3]
- Loans and Residuals (no 2009 revenue): This segment trades and invests in real estate. It once included the company's now-defunct subprime loan origination operations.[3]
- Asset Management Vehicles (AMV) (0.4% of 2009 revenue): OCN owns 25% equity in both OSI and ONL which manage residential real estate.[3]
Ocwen Solutions
- Mortgage Services (14.2% of 2009 revenue): This segment provides services like due diligence, property valuation, real estate sales, property inspection, and others for mortgage issuers.[3]
- Financial Services (10.6% of 2009 revenue): This segment provides services for managing asset recovery and customer relationships. Its customers include financial service firms, telecommunications companies, and utilities.[3]
- Technology Products (3.2% of 2009 revenue): This segment includes revenues from the company's REAL software applications that are used for residential loan servicing.[3]
Competition
OCN's primary competitor is FirstCity Financial (FCFC).
References
- ↑ OCN 2009 10-K pg. 24
- ↑ OCN 2009 10-K pg. 6
- ↑ 3.0 3.1 3.2 3.3 3.4 3.5 OCN 2009 10-K pg. F-44
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