Walter Investment Management Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017
Walter Investment Management Corp. reported unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company's total revenues were $245,285,000 compared to $66,771,000 a year ago. The increase in net servicing revenue and fees primarily resulted from a $273.1 million improvement in fair value losses on mortgage servicing rights driven by changes in valuation inputs or other assumptions. Offsetting this increase was a $44.4 million decline in servicing fees primarily due to the planned shift of the third-party servicing portfolio from servicing to subservicing combined with runoff of the portfolio. Income before income taxes was $4,386,000 compared to loss of $278,891,000 a year ago. Net income was $1,888,000 compared to loss of $172,702,000 a year ago. Diluted earnings per common and common equivalent share were $0.05 compared to loss of $4.85 a year ago. Adjusted loss was $40,996,000 compared to adjusted loss of $39,515,000 a year ago. Adjusted EBITDA was $43,303,000 compared to $87,080,000 a year ago. Adjusted loss after tax was $25.4 million compared with $24.5 million a year ago. Adjusted loss after taxes per common and common equivalent share was $0.70 compared to $0.69 a year ago.