Ocwen to Acquire Portfolio of Mortgage Servicing Rights from Wells Fargo
Ocwen Financial (NYSE: OCN) today announced that its mortgage servicing arm has signed an agreement with Wells Fargo (NYSE: WFC). for the purchase of residential mortgage servicing rights on a portfolio consisting of approximately 184,000 loans with a total principal balance of $39 billion. The sale will be finalized as servicing is transferred, which Ocwen expects will occur during 2014. The loans underlying the residential mortgage servicing rights sold are primarily in private label securities.