* Net income $44.8 mln vs $26.4 mln year ago
* EPS 32 cents vs 25 cents a year earlier
* Revenue doubles to $211.3 mln
Aug 2 Ocwen Financial Corp's
second-quarter net income rose 70 percent as the loan servicer
gained from servicing and subservicing fees and fewer people
defaulted on loans.
For the quarter ended June 30, the mortgage and commercial
loan servicer's net income rose to $44.8 million, or 32 cents
per share, from $26.4 million, or 25 cents per share, a year
Revenue doubled to $211.3 million.
Earnings per share was in line with the analysts' estimates
of 32 cents on revenue of $187.7 million, according to Thomson
Mortgage servicers like Ocwen collect mortgage payments from
borrowers and foreclose on properties. They also make advances
to mortgage owners when a loan goes bad to cover things like
principal and interest payments.
The company also incurred a one time operating expense of
$1.8 million in the quarter related to acquisition of mortgage
The Atlanta-based company's shares closed at $19.29 on
Wednesday on the New York Stock Exchange.