Ocwen Financial Declares Closure That have Opposite Financial Approaches to Acquire Opposite Home loan Servicing and you may REO Programs
Western Palm Seashore, Fla., (Globe NEWSWIRE) — Ocwen Monetary Business (NYSE: OCN) (“Ocwen” or even the “Company”), a prominent non-financial financial servicer and you will inventor, now established one the entirely-possessed subsidiary, PHH Mortgage Agency (“PHH”), has accomplished the fresh prior to now established purchase having Opposite Financial Possibilities, Inc. (“RMS”) as well as mother or father, Financial Property Administration, LLC (“MAM”), to obtain substantially the RMS reverse home loan servicing system and all sorts of this new a good guarantee appeal in the RMS Real Estate Possessed team, REO Management Selection, LLC (“REO”). MAM is actually a part out-of financing financing addressed of the Waterfall Resource Administration, LLC (“Waterfall”).
Concurrent with the closing of one’s deal, PHH turned the fresh new subservicer below good four-12 months subservicing arrangement for reverse mortgages owned by RMS and you can MAM and you can presumed everything 350 contrary upkeep and you will REO professionals. Additionally, certain 3rd-team subservicing preparations was basically assigned out-of RMS to help you PHH. Because of this, PHH turned this new subservicer for approximately 57,000 opposite mortgages, otherwise approximately $fourteen.step three million within the outstanding prominent balance (“UPB”), which were moved to PHH’s opposite maintenance system concurrent for the closure. On the other hand, PHH expects to begin upkeep their owned portfolio of around 34,000 contrary mortgage loans, otherwise a good UPB of approximately $six.7 mil, throughout the last quarter out of 2021, subject to last approvals by the counterparties or any other typical approvals and you can criteria. (mehr …)