Ocwen Continues Expansion With PHH Corp. Acquisition of $360 Million
Ocwen Financial Corporation is moving forward with an expansion by acquiring PHH Corp., a non-bank mortgage lender and servicer. The transaction reportedly costed $360 million.
"The combined company would have a servicing portfolio of 1.9 million loans with an unpaid principal balance (UPB) of $328 billion, the West Palm Beach, Fla.-based Ocwen said in a release about the transaction," according to Reverse Mortgage Daily.
"A merged Ocwen-PHH would eventually originate $3 billion in residential mortgage loans — including reverse mortgage products — each year, according to Ocwen; the company currently originates Home Equity Conversion Mortgages through its Liberty Home Equity Solutions arm."
This marks yet another move for Ocwen who was looking sell the lowest performing sector of its company, Liberty. According to the report, it also moved the wholesale forward lending business.
Ocwen stock increased 11.57% following the announcement of the acquisition,
according to the report.
To learn more about the acquisition and what it will mean for the future of Ocwen Financial Corp., click on the image above.
