FOR IMMEDIATE RELEASE
 
FOR FURTHER INFORMATION CONTACT:
 
 
James E. Lauter
 
 
Senior Vice President & Chief Financial Officer
 
 
T: +1 345-815-3932
 
 
E: James.Lauter@hlss.com

Home Loan Servicing Solutions, Ltd. Reports EPS of $0.61 and Net Income of $43.7 Million in the First Quarter of 2014 and Raises Monthly Dividend to $0.16 per Share

George Town, Grand Cayman, April 17, 2014 (GLOBE NEWSWIRE) – Home Loan Servicing Solutions, Ltd. ("HLSS", “our”, “we” or the "Company") (NASDAQ: HLSS) today reported net income of $43.7 million, or $0.61 per ordinary share, for the first quarter of 2014. Additionally, the Company’s Board of Directors today declared monthly dividends of $0.16 per ordinary share for April, May and June 2014.

First quarter business performance highlights:
Earned a record $43.7 million, or $0.61 per ordinary share. Earnings include a $0.06 per ordinary share benefit as a result of the lower annualized prepayment speed of 9.9 percent this quarter relative to the 12.4 percent annualized prepayment speed in the fourth quarter of 2013.
Completed first acquisition of Government National Mortgage Association (“GNMA”) whole loans through the GNMA early buy-out (“EBO”) program. The purchase price for these loans was $556.6 million.
Opened a new $600 million mortgage loan facility to finance the GNMA EBO purchase.
Completed the issuance of $600 million of one-year term notes and $200 million of three-year term notes secured by servicing advance receivables at a weighted average interest spread over LIBOR of 1.09%.
There was no change in servicing asset valuation.


Subsequent to the end of the first quarter of 2014:
On April 17, 2014, declared monthly dividends of $0.16 per ordinary share for each of the months of April, May and June 2014.

“Lower prepayment speeds led to another quarter of record earnings at HLSS” said Chairman William Erbey. “Prepayment speeds declined due to a reduction in the already low refinancing activity and slower liquidations on seriously delinquent loans. While the prepayment speed for this non-agency portfolio may not remain this low forever, I believe that the longer-term trend remains favorable and that the company is very well positioned.”
 
“Our purchase of Ginnie Mae early buyout loans marks the beginning of our diversification into other asset classes” said President and CEO John Van Vlack. “We are pleased to have added new assets with an attractive risk and return profile that are similar to our existing portfolio and look forward to continuing discussions with servicers beyond Ocwen.”

For more information on prior releases and SEC Filings, please refer to the “Shareholders” section of our website at www.hlss.com.

HLSS is an internally-managed owner of non-agency mortgage servicing assets with historically stable valuations and cash flows.  HLSS’ assets are predominately mortgage servicing advances that, along with the related servicing rights, are over-collateralized more than 23 times by the underlying residential real estate. HLSS' objective is to generate stable, recurring fee-based earnings and dividends throughout the economic cycle. For more information, visit www.hlss.com.




The following information was filed by Home Loan Servicing Solutions, Ltd. (HLSS) on Thursday, April 17, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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