The size of the mortgage servicing portfolio at Ocwen Financial Corp. more than doubled during the first quarter and was up more than 300 percent from a year earlier.
Mortgage originations at Ocwen-subsidiary Homeward Residential totaled $2.8 billion from Jan. 1 through March 31, earnings data reported Thursday indicated.
Around $0.4 billion of first-quarter production was generated through partnerships.
Another $0.415 billion was originated through the Home Affordable Refinance Program.
Ocwen said that it completed the acquisition of mortgage servicing rights on $269 billion in loans from Residential Capital LLC on Feb. 15.
The mortgage servicing portfolio, including servicing on real-estate-owned assets, finished March at $469.455 billion.
That makes Ocwen the fourth-biggest U.S. residential loan servicer based on data tracked by Mortgage Daily.
The servicing portfolio skyrocketed from the final quarter of 2012, when the Atlanta-based company serviced $203.666 billion.
Less than $100 billion was serviced as of a year earlier, when MSRs were owned on just $98.440 billion.
Income before taxed jumped to $51 million from $30 million in the first-quarter 2012.
