Western Hand Beach, Fla., (Business NEWSWIRE) — Ocwen Monetary Company (NYSE: OCN) (“Ocwen” or the “Company”), a respected non-bank financial servicer and originator, now announced that the wholly-possessed part, PHH Financial Firm (“PHH”), enjoys complete the newest before established purchase having Contrary Mortgage Choice, Inc. (“RMS”) and its particular mother or father, Financial Possessions Management, LLC (“MAM”), to acquire substantially all RMS contrary mortgage servicing program and all of the latest the guarantee welfare throughout the RMS Actual Property Possessed business, REO Government Alternatives, LLC (“REO”). MAM is a subsidiary off capital financing addressed from the Waterfall Resource Government, LLC (“Waterfall”).

Concurrent towards the closing of the deal, PHH became the fresh subservicer significantly less than an excellent five-seasons subservicing contract to own opposite mortgages owned by RMS and you will MAM and you will assumed up to 350 reverse servicing and REO employees. As well, specific third-team subservicing arrangements were tasked away from RMS to help you PHH. Because of this, PHH turned into this new subservicer for approximately 57,000 opposite mortgages, or around $fourteen.3 billion inside unpaid principal harmony (“UPB”), that happen to be relocated to PHH’s opposite maintenance program concurrent into the closing. Likewise, PHH expects to begin with maintenance the had portfolio of around 34,000 opposite mortgages, otherwise an excellent UPB of around $6.7 million, from the last one-fourth regarding 2021, at the mercy of finally approvals from the counterparties or any other conventional approvals and you will conditions. Continue lendo Ocwen Financial Declares Closure Which have Contrary Financial Approaches to And acquire Reverse Home loan Servicing and you can REO Networks →