Operator: Greetings, and welcome to the Ocwen Financial Corporation Fourth Quarter Earnings and Business Update Conference Call. At this time, all participants are in a listen-only mode.
He replaces Phyllis Caldwell, the former Treasury official who took the position in February 2016 and helped guide the company through the 2017 federal and state lawsuits.
Without the increase in valuations, the company recorded a reduced, adjusted, pretax loss in the third quarter; so it's doing more to cut costs and focus on subservicing strategies.