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The two firms announced the planned acquisition back in October when Ocwen said it would pay approximately $588 million in cash and $162 million in convertible preferred stock for Homeward.
· In total, the New Residential deal covers $117 billion in mortgage servicing rights, and with Ocwen’s total servicing portfolio totaling $196.4 billion, the deal will see Ocwen’s servicing portfolio reduced to $79.4 million, a reduction of nearly 60%.
Published: May 1, 2017 1:36 p.m. Shares of Ocwen Financial Corp. OCN, +0.70% rocketed 41% in afternoon trade friday, after the troubled financial services company announced a new proposed deal with New Residential Corp. that includes an upfront payment of $425 million to Ocwen and an equity stake.
Ocwen Financial Corp. (OCN) said that effective January 23, 2015, Ocwen Loan Servicing, LLC or "OLS", a wholly owned subsidiary of Ocwen Financial, reached an agreement with the California Department of Business Oversight or the "CA DBO", which will result in the CA DBO withdrawing its notice of hearing to suspend OLS’s license in California.
Our common stock has been approved for listing on the New York Stock Exchange, subject to official notice of issuance, under the symbol "RMIT." We are an "emerging growth company" as defined in the.
Continuing with its retreat from the mortgage servicing industry, Wells Fargo & Co. ( WFC) decided to proceed with the sell-off of residential mortgage-servicing rights (MSRs) on 1,84,000 loans.
· According to Ocwen, the company is nearing a new deal with New Residential that would “further solidify and enhance the business relationship” between the two companies. Under the terms of the agreement, New Residential would buy approximately $117 billion in mortgage servicing rights from Ocwen.
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Continuing with its retreat from the mortgage servicing industry, Wells Fargo & Co. decided to proceed with the sell-off of residential mortgage-servicing rights (MSRs) on 1,84,000 loans with total principal balance of about $39 billion to Ocwen Financial Corp. ().Notably, the portfolio represents 2% of the bank’s total residential-servicing portfolio as of Dec 31, 2013.
People on the move: Aug. 3 Pamela Gould was appointed president and chief executive officer at Shepherd’s Hope Inc., Orlando. Construction attorney Jennifer Lowndes has joined Holland & Knight’s Orlando office as a partner..
Ocwen Financial finalized the deal to sell its interests in $110 billion of nonagency mortgage servicing rights to New Residential Investment Corp. for total consideration of $400 million. As part of the transaction, ocwen sold 6.1 million shares of its common stock, approximately 4.9%, at $2.29 per share, or $13.9 million in proceeds.