Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited outlook 2010 backup contact list to, the following: our servicer and credit ratings as well as other actions from various rating agencies, including the impact of downgrades.
Completed settlement that lifts Californias restrictions on acquiring new Mortgage Servicing Rights (MSRs).Virgin Islands as well as in India and the Philippines.Ocwen previously announced in a March 2, 2015, release its intention to sell this portfolio of loans.Segment Results (Unaudited) (Dollars in thousands) For the Three Months Ended December 31, For the Twelve Months Ended December 31, Servicing Revenue 295,432 344,268 1,247,159 1,613,537 Expenses 178,728 281,108 920,434 1,221,879 Other expense, net (73,403 ) (125,785 ) (333,218 ) (375,782 ) Income (loss) before.The servicer's stock has spiked since a recent acquisition announcement by New Residential Corporation, which will purchase a portion of Ocwens mortgage servicing rights for the next five years.In 2016, Ocwen completed 74,920 loan modifications with hamp modifications accounting for.1 of the total. Anyone wishing to understand Ocwens business should review its SEC filings.Under the terms of the settlement, Ocwen will pay for FIS work, and will have 20 days to submit an engagement letter to the DBO for its approval.Their conclusions do not reflect the significant progress Ocwen has made in resolving past regulatory concerns, enhancing our risk, compliance, and internal audit functions, and strengthening the companys financial condition.S P said that it reviewed Ocwens internal audits and noted numerous critical findings related to Ocwens operations.Buying this prime servicing book will improve the quality of our servicing portfolio and will help drive a stronger and less volatile mortgage business, said Chase Mortgage Banking CEO Kevin Watters.
Additional Business Highlights, on February 17, 2017, Ocwen entered into a settlement agreement with the California Department of Business Oversight that, among other things, terminated the engagement of their independent auditor and removed restrictions on our ability to acquire new MSRs.Our business has been undergoing substantial change which has magnified such uncertainties.According to preliminary operating results, Ocwen Financial Corporation lost an estimated.6 millionor.26 per sharefor the first quarter of 2017.According to the cdbo, FIS will submit a report to the cdbo and Ocwen that identifies weaknesses that could inhibit Ocwen from treating borrowers properly as required by law.We are pleased to welcome new customers to Chase Mortgage Banking and look forward to showing them why Chase is the number one large bank in customer satisfaction, said Mike Weinbach, Chase Mortgage Banking head of Servicing.FIS will help us fulfill that duty with respect to Ocwen.
However, a future degradation of its internal controls or the level of service it provides to borrowers and investors, or any new regulatory or investor issues, could affect our current rankings or outlook.