Ocwen finalizes deal to sell $110B of MSRs to New Residential

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Ocwen Finalizes Deal to Sell $110 Million of MSRs to New Residential National Mortgage News, July 24, 2017–Brad Finkelstein (subscription) 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.

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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.

Deal marks new phase for global investor. Inaugural non-QM RMBS prepped. Quarterly SCI data update.. More MSRs for New Residential. FNMA loan to pay down SFR deals. Global MBS fund launches.. Ocwen to unload agency MSRs. European ABS/MBS stays firm. RFC issued on.

Or to put another way excess MSRs allow New Residential. Ocwen Financial (OCN). This kind of bolt on acquisition follows NRZ’s entrance into mortgage servicing it began with its 2015 $1.3 billion.

NEW YORK, Feb 21, 2017 (BUSINESS WIRE) — New Residential Investment Corp. NRZ. Stated purchase price is based on December 31, 2016 UPB. Final purchase price of the Citi MSR portfolio is subject to.

Ocwen to Buy Ally Bank’s MSRs. Ocwen Financial Corp. ( OCN) has agreed to buy a majority stake in the portfolio of mortgage collection rights from Ally Bank – a unit of Ally Financial Inc. This is the latest addition to Ocwen’s long list of mortgage servicing rights (:MSR) acquisitions. The stake buyout is estimated to be worth $585 million.

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.

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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Ocwen Financial Corp (NYSE:OCN)’s stock price crossed above its 50-day moving average during trading on Monday . Ocwen Financial shares last traded at $1.69, with a volume of 15,769 shares trading hands. Separately, ValuEngine lowered Ocwen Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st.