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Slide #79. Home Loan Servicing Solutions, Ltd. — Mortgage Servicing Assets From Ocwen Financial Corporation
Home Loan Servicing Solutions, Ltd. (HLSS)
Mortgage Servicing Assets From Ocwen Financial Corporation
Home Loan Servicing Solutions, Ltd. ("HLSS") (Nasdaq:HLSS) announced today that on March 13, 2013, HLSS and HLSS Holdings, LLC completed an acquisition from Ocwen Financial Corporation (NYSE:OCN) and its affiliates and subsidiaries of rights to receive servicing fees ("Rights to MSRs") and related servicing advances for a servicing portfolio of subprime and Alt-A residential mortgage loans. This transaction resulted in the acquisition of Rights to MSRs with approximately $15.9 billion in unpaid principal balance of mortgage loans. The characteristics of these mortgage servicing assets are similar to those previously acquired from Ocwen, and we expect this transaction to be accretive to earnings.
Home Loan Servicing Solutions and its wholly owned subsidiaries are engaged in the business of acquiring mortgage servicing assets. Co. has engaged Ocwen Financial Corporation and its subsidiaries, a residential mortgage loan servicer, to service the mortgage loans underlying its mortgage servicing assets. Co. is focused on acquiring mortgage servicing assets, whereby it acquires the rights to receive the servicing fees that the servicer is entitled to receive (Rights to MSRs) and associated servicing advances, and the servicer will continue to service the mortgage loans and receive compensation from Co. for its servicing activities.
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Hold (2.00 out of 4)
(ranked higher than approx. 100% of all stocks covered)
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