Credit Services & Lending M&A » By The Online Investor Staff, updated Thu., Mar. 28, 11:31 AM Recent mergers and acquisitions in the Credit Services & Lending M&A category.
This Slide: #23 of 100 |
Slide #23. Ocwen Financial Corporation — Portfolio of Mortgage Servicing Rights From Wells Fargo
Acquirer:
Ocwen Financial Corporation (NYSE:OCN)
Acquiree:
Portfolio of Mortgage Servicing Rights From Wells Fargo
Details:
Ocwen Financial Corporation ("Ocwen") (NYSE:OCN), a leading financial services holding company, today announced that its mortgage servicing arm has signed an agreement with Wells Fargo Bank, N.A. for the purchase of residential mortgage servicing rights on a portfolio consisting of approximately 184,000 loans with a total principal balance of $39 billion. The sale will be finalized as servicing is transferred, which Ocwen expects will occur during 2014. The loans underlying the residential mortgage servicing rights sold are primarily in private label securities.
Ocwen Financial is a financial services company that services and originates both forward and reverse mortgage loans, through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. Co. provides solutions through its primary operating, wholly-owned subsidiary, PHH Mortgage Corporation. Co. has the following segments: Servicing, in which Co.'s Servicing business is primarily comprised of its residential forward mortgage servicing business; and Originations, in which Co. originates and purchases residential mortgage loans that it sells to agencies or securitize on a servicing retained basis, thereby generating mortgage servicing rights.
OCN SEC Filing Email Alerts Service
Open the OCN Page at The Online Investor »
|
Open the OCN Page at The Online Investor (in a new window) »
Free OCN Email Alerts: Get SEC Filing Alerts Get Dividend Alerts |
Buy (3.33 out of 4) 47th percentile
(ranked lower than approx. 53% of all stocks covered)
Based on Zacks ABR data; powered by Xignite |