Ocwen Financial Corp

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  • uploads///Twos Tens
    Financials

    Strong economic data is causing the yield curve to steepen

    The shape of the yield curve matters almost as much as the absolute level of interest rates to financial companies As a general rule, financial companies (banks, REITs) borrow short and lend long. What this means is that they lever their balance sheet by borrowing at short-term interest rates and generally invest in longer-maturity assets, […]

    By Brent Nyitray, CFA, MBA
  • uploads///Radar Logic Futures Curve
    Financials

    Radar Logic futures curve predicts flat real estate prices until September 2014

    Radar Logic futures can be used to forecast real estate prices Most people are unaware that there is a futures market for U.S. real estate prices.  The Radar Logic futures contract launched about a year ago on the CBOE Futures Exchange. While they are not especially liquid, they do provide an insight into what the market […]

    By Brent Nyitray, CFA, MBA
  • uploads///MSR
    Financials

    Mortgage servicing rights increase in value as interest rates rise

    Mortgage servicing rights are one of the few financial assets that increase in value as rates rise Most mortgage REITs are exposed to changes in interest rates, and are usually long-duration, which means that the value of their portfolio decreases in value as interest rates rise. Good examples of these types of REITs would be […]

    By Brent Nyitray, CFA, MBA
  • uploads/// year intraday
    Financials

    Bonds and REITs collapse on FOMC statement

    The Federal Open Market Committee determines interest rate policy The June Federal Open Market Committee (FOMC) meeting was recently completed and the results of that meeting were released at 2:00 pm EST. The FOMC statement gives color on how the Fed views the economy, how they are thinking about moving forward, and some guidance regarding […]

    By Brent Nyitray, CFA, MBA
  • uploads///Employment Cost Index
    Macroeconomic Analysis

    Employment Costs Rise with Healthcare Inflation

    Employment costs rose 0.6% in the quarter ending March 31, 2016. Over the past 12 months, compensation costs for civilian workers have risen 1.9%.

    By Brent Nyitray, CFA, MBA
  • uploads///NAO fleet
    Fund Managers

    Omega Advisors adds to position in Nordic American Offshore

    Nordic American Offshore (NAO) is an international offshore supply vessel company that was incorporated in Bermuda. NAO was spun off from Nordic American Tanker (NAT) in November last year.

    By Samantha Nielson
  • uploads///GDP
    Consumer

    Earnings deluge on tap: Must-know releases to follow this week

    Economically, we don’t have anything really market-moving, although the GDP number could move markets. This is the second revision to fourth quarter GDP.

    By Brent Nyitray, CFA, MBA
  • uploads///OCN
    Fund Managers

    Baupost Group Lowered Its Stake in Ocwen Financial

    The Baupost Group lowered its position in Ocwen Financial (OCN) during 4Q14. The position accounted for 1.77% of the total portfolio in 4Q14.

    By Samantha Nielson
  • uploads///QCOM
    Financials

    Omega Advisors exits position in Qualcomm

    Last month, Qualcomm announced 4Q14 and fiscal 2014 earnings that missed estimates. Its revenue for 4Q14 was $6.69 billion, missing analysts’ expectations by $330 million.

    By Samantha Nielson
  • uploads///MPEL
    Fund Managers

    Omega initiates position in Melco Crown Entertainment

    Melco Crown Entertainment is a venture between Australian billionaire James Packer and Lawrence Ho. Melco owns and develops casino gaming and entertainment resort facilities in Macau.

    By Samantha Nielson
  • uploads///MSR
    Financials

    Why mortgage servicing rights imply risks for servicers

    Risks of being a servicer Generally, servicing seems like an easy job. Collect the payment, give the government its take, pass the (smaller) payment to the bondholders, and keep the rest. What could go wrong? There’s just one catch. What happens if you miss your mortgage payment? The U.S. government guarantees Ginnie Mae securities. When […]

    By Brent Nyitray, CFA, MBA
  • uploads///BSX
    Financials

    Omega Advisors eliminates position in Boston Scientific

    Boston Scientific Corporation is a worldwide developer, manufacturer, and marketer of medical devices that are used in a broad range of interventional medical specialties

    By Samantha Nielson
  • uploads///CIM
    Financials

    Omega Advisors lowers position in Chimera Investment

    Chimera Investment invests in residential mortgage loans, residential mortgage-backed securities, real estate-related securities and various other asset classes. Chimera declared a fourth-quarter 2014 cash dividend of $0.09 per common share.

    By Samantha Nielson
  • uploads///ASPS
    Financials

    Luxor Capital raises stake in Altisource Portfolio Solutions

    Altisource Portfolio Solutions and its subsidiaries are a premier marketplace and transaction solutions provider for the real estate, mortgage, and consumer debt industries.

    By Samantha Nielson
  • uploads///AAMC
    Financials

    Luxor Capital ups position in Altisource Asset Management

    Altisource Asset Management’s primary business is to provide asset management and certain corporate governance services to institutional investors.

    By Samantha Nielson
  • uploads///MBA Mortgage Apps
    Financials

    Bond Market Rally Lifts Originator Business

    Since the bubble burst, mortgage origination has been almost exclusively government-driven. The US government bears 50% of the credit risk of the entire US mortgage market.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Delinquencies
    Financials

    Mortgage delinquencies tick up 6.08%

    Better economic times are helping lower mortgage delinquencies, but we still have some work to do clearing the foreclosure pipeline.

    By Brent Nyitray, CFA, MBA
  • uploads///OCN
    Consumer

    Must-know: Omega Advisors increases its position in Ocwen Financial

    Omega’s 13F filing revealed that it increased its stake in Ocwen Financial. The position currently accounts for 1.27%, up from 0.12% of the fund’s first quarter of 2014 (or 1Q14) portfolio. Ocwen Financial is a financial services holding company that, through its subsidiaries, is one of the largest mortgage companies in the U.S.

    By Samantha Nielson
  • uploads///Employment Cost Index
    Financials

    The Employment Cost Index Was Flat in 2Q16

    Employment costs rose 0.6% in the quarter ending June 30, 2016. Over the past 12 months, compensation costs for civilian workers have risen 2.3%.

    By Brent Nyitray, CFA, MBA
  • uploads///QEP
    Fund Managers

    Omega Advisors ups position in QEP Resources

    QEP Resources is an independent natural gas and crude oil exploration and production company. The company’s latest 3Q results beat estimates.

    By Samantha Nielson
  • uploads///AER
    Fund Managers

    Omega Advisors opens new position in AerCap Holdings

    AerCap said its 3Q14 net income grew to $340.9 million from $83.6 million in the same period of 2013. The increase in profit and earnings was “driven primarily by the ILFC transaction.”

    By Samantha Nielson
  • uploads///MBA Mortgage Apps
    Financials

    Why mortgage applications hit 14-year lows as refinances dry up

    The MBA Applications Index fell 7.2% after rising 0.2% the week before. This is the lowest reading for the MBA Mortgage Applications Index since early 2001.

    By Brent Nyitray, CFA, MBA
  • uploads///delinquencies
    Financials

    A key guide to mortgage servicing rights: The non-bank servicer

    The non-bank servicer is what the name implies: a company that services loans as a primary business but isn’t a bank. Typically a bank will service its own loans that it has put on its balance sheet.

    By Brent Nyitray, CFA, MBA
  • uploads///MSR
    Financials

    The must-know basics of mortgage servicing rights and servicers

    Mortgage servicing rights (or MSRs) are interesting assets that can hedge interest rate risk. They’re usually held on banks’ balance sheets.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Mortgage Apps
    Financials

    Why mortgage applications fell in the holiday-shortened week

    The MBA Applications Index fell 12.8% after holding steady the week before. Mortgage applications have dropped off a cliff ever since rates began increasing last spring.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Mortgage Apps
    Financials

    Why mortgage applications are falling as rates rise

    Last year, refinance activity drove business for mortgage bankers. Now, they’ll have to rely on purchase activity, which tends to be very seasonal.

    By Brent Nyitray, CFA, MBA
  • uploads///Two Harbors
    Financials

    Must-know: Two Harbors reports a small decline in book value

    Two Harbors’ sophisticated investment strategy of buying mortgage servicing rights and being short TBAs helped it weather the bond market sell-off.

    By Brent Nyitray, CFA, MBA
  • uploads///MSR
    Financials

    Why mortgage servicing rights can hedge interest rate risk

    Mortgage servicing rights are residual assets from mortgage origination Mortgage servicing rights (MSRs) are residual assets that mortgage originators usually retain after selling a mortgage into a mortgage-backed security. While a few companies specialize in servicing—particularly Ocwen (OCN) and Nationstar (NSM)—MSRs are usually held on the balance sheets of banks. MSRs are interesting assets that […]

    By Brent Nyitray, CFA, MBA
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