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Slide #94. Ocwen Financial Corporation — Homeward Residential
Ocwen Financial Corporation (NYSE:OCN)
Ocwen Financial Corporation and private equity firm WL Ross & Co. LLC entered into an agreement today whereby Ocwen will acquire Homeward Residential Holdings, Inc., including its various residential mortgage loan servicing and origination operating subsidiaries, for approximately $588 million in cash and $162 million in Ocwen convertible preferred stock. Homeward services about 422,000 mortgage loans with an aggregate unpaid principal balance of over $77 billion. Its loan origination business includes correspondent and retail lending and is focused solely on high quality Agency-conforming mortgages.
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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