Ocwen Monetary Declares Arrangement Which have Opposite Mortgage Methods to Acquire Reverse Home loan Upkeep Platform

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West Hand Seashore, Fla., (Globe NEWSWIRE) — Ocwen Monetary Company (NYSE: OCN) (“Ocwen” or even the “Company”), the leading non-lender mortgage servicer payday loans no credit check Memphis AL and maker, today announced you to the entirely-owned part, PHH Home loan Company (“PHH”), has actually joined for the a binding agreement having Reverse Home loan Options, Inc. (“RMS”) and its own father or mother, Financial Property Government, LLC (“MAM”), to find dramatically the businesses, property and you will teams of one’s RMS opposite mortgage repair platform. MAM is a part away from financing funds addressed because of the Waterfall Advantage Government, LLC (“Waterfall”). The firm will also and get all the a good guarantee hobbies on the RMS Real estate Possessed company, REO Government Options, LLC (“REO”).

Under the regards to the latest arrangement, subservicing agreements for the contrary domestic mortgage loans already subserviced of the RMS might be allotted to PHH. Since , RMS serviced whenever thirty five,000 contrary mortgages, otherwise whenever $seven.8 million within the outstanding dominant balance. Included in the transaction, PHH needs to assume most of the the brand new RMS opposite upkeep and you will REO teams and you can PHH might be the newest subservicer not as much as an effective five-seasons subservicing agreement for contrary mortgage loans belonging to RMS and you can MAM.

If anything changes who would feeling your loan you should be notified from the Ocwen using a letter and perhaps email correspondence

New aggregate cost are estimated becoming everything $12.4 mil and will be subject to specific post-closure customizations. The transaction is expected to close off regarding the 3rd one-fourth regarding 2021, subject to compatible regulating approvals or any other classic closure standards.

Glen A. Messina, Chairman and you can President of Ocwen, said, “We have been happy so you can mention the newest advised acquisition of the RMS contrary financial maintenance and REO systems. The purchase is anticipated to double our contrary maintenance/subservicing portfolio and can provide us with a leading-high quality opposite maintenance platform, educated anyone and you can tailored reverse technical. In addition to our latest connection with Waterfall along the reverse financial product range, we’re delighted and you may honored so you’re able to develop our connection with them from the enough time-title subservicing agreement and to support its asset gains and you may investment expectations regarding contrary home loan business.”

Messina added, “Our very own Freedom Reverse Financial platform is among the largest contrary mortgage lenders in the industry, and we believe it deal complements our existing opportunities and extra solidifies the leadership status. I look forward to closing which exchange, inviting the brand new RMS class, readers and you can consumers toward Ocwen/PHH family relations, and continuing all of our much time-title relationship having Waterfall.”