Ocwen Financial Corp. narrowed its loss during the third quarter, though the embattled mortgage-servicing company posted a 21% drop in revenue.

After more than a year of problems with regulators, Ocwen has been working to sell some of its mortgage-servicing rights and concentrate on mortgages not owned by government agencies. It has also been cutting jobs and in September announced plans to cut about 10% of its U.S. workforce.

Ocwen's third-quarter results included a $41.2 million pre-tax gain from the sale of mortgage-servicing rights, offset by impairment and restructuring charges, among other items.

In all, for the period ended Sept. 30, Ocwen posted a loss of $66.9 million, compared with a loss of $75.4 million a year earlier. On a per-share basis, which reflects dividend-related payments, the per-share loss narrowed to 53 cents a share from 58 cents a share a year earlier.

Revenue fell to $405 million from $513.7 million in the prior-year period, as its revenue from servicing fees fell 23%.

Analysts polled by Thomson Reuters had forecast a loss of 35 cents a share on $410.2 million in revenue.

Total expenses slipped 15% from the prior year to $387.7 million.

Shares of Ocwen, inactive in after-hours trading, are down 53% this year.

Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

October 28, 2015 17:05 ET (21:05 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.
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