JPMorgan, Citi, and Wells Fargo will be releasing their Q3 earnings report next week. Find out more about what to expect here.
Read More »Fannie Mae Moves in a Positive Direction
Fannie Mae released its Q1 financial statement Thursday. Overall, the news was good for the GSE. Fannie posted a net income of $4.3 billion, after taxes, in Q1. ...
Read More »Preliminary Report Shows Q1 Net Income of $34 Million For Ocwen
The company's Q1 2015 preliminary revenue of $510.4 million represents a 7 percent year-over-year decline, and preliminary income from operations dropped from $202.1 million in Q1 2014 down to $132.1 million in Q1 2015. Meanwhile, preliminary cash flow from operating activities for Q1 totaled $323 million, a year-over-year increase of 65 percent.
Read More »First Quarter Earnings Reports Robust for Nation’s Largest Financial Firms
For San Francisco-based Wells Fargo in Q1, revenues increased by 3 percent year-over-year up to $21.3 billion. Although net income slightly declined from the same quarter a year ago from $5.9 billion to $5.8 billion, noninterest income for the bank jumped by $29 million up to $10.3 billion. The bank received higher income in Q1 from trading activities, debt security gains, mortgage origination gains, and insurance, but the higher income was offset by lower income in mortgage servicing, which was at $108 million for Q1 compared to $235 million for Q4 2014. Wells Fargo posted mortgage banking noninterest income of $1.5 billion for Q1.
Read More »Ocwen Financial Announces $564 Million Loss for 2014
Despite the recent turmoil, Ocwen’s president and CEO, Ron Faris, said he expects his company to have a profitable 2015. "I am encouraged by the progress Ocwen has made so far,” Faris said. “We currently expect to … meet all of our ongoing financial and servicing obligations.”
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