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Owen Financial Corporation to Sell Reverse Mortgage Business Following $6M Loss

Ocwen Financial Corporation took a $6 million hit in the third quarter of 2017 according to recent reports. The company is still preparing to sell the reverse mortgage lending portion also know as Liberty Home Equity Solutions.

"We are currently evaluating our long-term strategy there, including the potential sale of the reverse lending business, or some assets of the business," CEO Ron Faris said during a call with shareholders, according to Reverse Mortgage Daily.

The company believes that the Home Equity Conversion Mortgage aspect of the business is one of the more "underperforming" segments. Therefore, they are looking to get rid of or scale back that form of business. Though it doesn't look like the reverse mortgage segment is all that Ocwen has to worry about.

"That $6 million loss for the quarter represented a marked improvement over previous quarters, Faris said: Ocwen logged losses of $32.6 million and $44 million during the previous two quarters," according to the report.

"For comparison, the company saw net income of $9.5 million during the third warted of 2017."

To learn more of Ocwen's sale of their reverse mortgage sector, click open the image above.

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