Ocwen’s 1Q loss due to lower interest rates affecting its MSRs

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Adjusted Pre-Tax Earnings excludes unrealized changes in fair value of MSRs that are. as net income (loss) before income taxes, depreciation and amortization, interest expense on corporate debt,

Net interest income was lower, as solid loan and deposit growth was more than offset by declines in earning asset yields due to the prolonged low interest rate environment and a decline in commercial loan swap income $1,239 $1,244 $1,251 $1,248 $1,175 3.19% 3.11% 3.03% 2.96% 2.83% 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15

The Company has elected to exclude changes in valuation inputs as a component of its core. as net income (loss) before income taxes, depreciation and amortization, interest expense on corporate.

As deposit rates change over time due to general interest rate movements, as do loan rates. The premium is dependent on the credit risk of the loan or the probability of default; if the firm is in good financial condition and the collateral covers the loan amount, the premium may be about 4 percentage points.

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The servicing business lost $57.5 million pretax versus its pretax income of $20.5 million one year prior. ocwen recorded .1 million of interest rate driven charges related to the value of its MSRs.

Mortgage servicing rights and interest rates Mortgage servicing rights (MSRs) trade similarly to interest-only (IO) strips.. and it closed at $55.25-just a shade lower than its 52-week high.

Ocwen’s 1Q loss due to lower interest rates affecting its MSRs Lower interest rates caused mortgage serving rights runoff plus a charge to the fair value of that portfolio and led to Ocwen Financial posting a first-quarter loss.

"The sale of the SF MSRs would lead to the loss of $600 million of low cost deposits, forcing the bank to reduce its loan portfolio by a like amount. Further, our loan officers would lose $700 million of mortgage refinance income. The total effect of the above would be a

MSRs have had no material valuation change during HLSS’ ownership or impairment under prior Ocwen ownership Delinquencies have been decreasing since 2009, which is contributing to the reduction in involuntary CPR Majority of borrowers do not have an incentive to refinance as modifications generally result in interest rates at or below market.

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