OCN earnings fall 25% but hit expectations

OCN reported as follows
* Revenues up 12%
* Earnings down due to change in tax rate from 23% to 34% as well as a $3.3M charge tied to the closure of their loan business (was $9M write off last quarter)
* Servicing $55B loans vs $44B last year same quarter. That is up from $52.8B last quarter

Now I understand why analysts were more mellow than my calculations - that tax change removed ~$2M of profit or $0.03 EPS.