UPDATE 1-Ocwen posts Q3 loss, hit by $50.6 mln charge

* Q3 loss/shr $0.51 vs EPS $0.23 last yr

* Total rev down 31 pct to $83.4 mln

* Incurs $50.6 mln charge

Nov 5 (Reuters) - Ocwen Financial Corp (OCN.N), a subprime mortgage servicing company, reported a quarterly loss, hit by a one-time charge and lower servicing and sub-servicing fees.

For the third quarter, net loss of $42 million, or 51 cents per share, compared with a net income of $15 million, or 23 cents per share, last year.

Total revenue fell 31 percent to $83.4 million.

Servicing and sub servicing fees dropped 37 percent to $57.5 million.

Ocwen said it incurred a $50.6 million one-time tax expense arising from the separation of Ocwen Solutions, its knowledge-based business process outsourcing operation.

Shares of the West Palm Beach, Florida-based company closed at $10.67 Wednesday on the New York Stock Exchange. (Reporting by Brenton Cordeiro in Bangalore; Editing by Aradhana Aravindan)