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Slide #23. Ocwen Financial Corporation — Portfolio of Mortgage Servicing Rights From Wells Fargo
Ocwen Financial Corporation (NYSE:OCN)
Portfolio of Mortgage Servicing Rights From Wells Fargo
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 holding company which, through its subsidiaries, services and originates mortgage loans. Co.'s Servicing business is comprised of its primary residential mortgage servicing business. Co.'s Lending business originates and purchases forward and reverse mortgage loans. Co.'s forward mortgage loans are conventional (conforming to the underwriting standards of the government sponsored entities) and government-insured (insured by the Federal Housing Administration or Department of Veterans Affairs). Co. also originates and purchases Home Equity Conversion Mortgages through its subsidiary, Home Equity Solutions, Inc. operations.
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Hold (2.00 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on Zacks ABR data;
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