Ocwen Financial reports Q1 GAAP net loss of $40M; adjusted pre-tax income of $6M

ONITY GROUP INC.

2023-Q1 EPS reported -$5.34 revenue$261,800,000

Net loss of $40 million, driven by $39 million reduction in unrealized MSR fair value due to lower interest rates.
Adjusted pre-tax income of $6 million, an improvement of $2 million from Q4 2022, driven by strong servicing performance.
Achieved annualized cost reduction of more than $100 million vs Q2 2022 baseline.
Total liquidity of $233 million as of March 31, 2023, up 7% from December 31, 2022.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ONITY GROUP INC. reported first quarter ended March 31, 2023 results: net income Net loss of $40 million.

Period: first quarter ended March 31, 2023
Net income: Net loss of $40 million
Result: reported results

Exact text from the filing

On May 4, 2023, Ocwen Financial Corporation issued a press release announcing results for the first quarter ended March 31, 2023 and providing a business update.

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ONITY GROUP INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-015365

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