Ocwen Financial Corporation said its second-quarter net income dropped to $10 million from $67 million in the same period a year earlier.

Earnings per share for the Atlanta-based mortgage-servicing company fell to $0.08 per share from $0.48 per share.

Revenue dropped 16% to $463 million.

Following more than a year of problems with regulators, Ocwen announced previously that it was selling some of its mortgage-servicing rights and concentrating on mortgages not owned by government agencies. The unpaid principal balance of the mortgages it services and real estate-owned was $322 million at the end of June, down from $435 million in the year-earlier period.

Write to James Sterngold at james.sterngold@wsj.com

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