As. helped more than 22,000 families lodge in their homes with allowance workouts, the party boosted its revenue to $15.6 million in the third quarter, up 160 percent from $6 million for the same duration in 2007. The West Palm Beach-based companionship (NYSE: OCN), which services loans and other mortgages, has been working to curtail the losses of complication loans for the holders of those assets. Ocwen said it serviced nearly $41.8 billion in loans and repossessed properties in the third quarter, with 22.7 percent of them nonperforming.
Even though its return improved, Ocwen's gate dipped 3 percent, to $121.3 million from $125.4 million in the third point of 2007. Cutting expenses helped the enterprise become more profitable.
Ocwen also said it has started an internal inquiry and is looking at whether its Ocwen Solutions frontier should be spun off as a separate, publicly traded company. That piece includes technology products, some of its mortgage services and its economic services. Together, they accounted for $5.9 million of profit and $42.7 million in proceeds in the third quarter. Ocwen shares were up 30 cents to $6.83 in matutinal trading. The 52-week outrageous was $8.10 on Oct. 3. The 52-week limited was $3.66 on April 14.
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