Ocwen Financial (NYSE:OCN) rises 15% in after-hours trading after its board authorizes an open market share repurchase program of up to 5M.
Estimates Q4 pretax income of 37M; net income of 35M; and pretax earnings excluding income statement notables of ~12M.
Remains on track to achieve pretax profitability, excluding income statement notables and amortization of NRZ lump-sum payments, by Q3 2020.
Boosts 2020 origination volume target from combined lending and flow channels to at least 15B vs. prior target of 10B. January annualized origination volume from these channels was ~9B.
Q4 realized preliminary estimated adjusted annualized run rate cost savings of 385M exceeds its target established in early 2019.