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Acquisition Creates New No. 6 Servicer

Ocwen completes acquisition of Homeward Residential

Dec. 31, 2012

By Mortgage Daily staff

An acquisition completed last week by Ocwen Financial Corp. makes the company the sixth-largest mortgage servicer in the country. Another acquisition expected to complete early next year will move the residential servicer up one more notch.

Ocwen-subsidiary O&H Acquisition Corp. completed its acquisition of Homeward Residential Holdings Inc. from WL Ross & Co. LLC on Dec. 27.

The deal was originally announced in October.

Ocwen spent around $766 million for the acquisition, including $604 million paid in cash and $162 million paid in the form of preferred stock.

An escrow account has been established for $85 of the proceeds to cover loss-sharing payments and certain other indemnification payments that may become owed to Ocwen. Representative expenses will also be pulled from the escrow account, which will be kept open for 21 months.

Completion of the transaction was disclosed in a FORM 8-K filing Friday with the Securities and Exchange Commission.

As of Sept. 30, Ocwen serviced $127.067 billion, according to earnings data. The Homeward acquisition was expected to increase the total by $77 billion.

The resulting total servicing portfolio of approximately $204.1 billion has made Ocwen the nation's No. 6 residential servicer, just behind US Bancorp, which serviced $270.3 billion as of Sept. 30.

In addition, a joint bid by Ocwen Loan Servicing LLC and Walter Investment Management Corp. is expected to increase Ocwen's servicing portfolio by another $126.6 billion and thrust the Atlanta-based company into the No. 5 position.

ResCap Asset Sale Approved
A deal hammered out last month for bankrupt Residential Capital LLC to unload production and servicing assets has been approved by the bankruptcy court.

Ocwen Wins Bid to Become No. 5 U.S. Servicer
With its winning bid to acquire the mortgage servicing portfolio of Residential Capital LLC, Ocwen Loan Servicing LLC is on its way to becoming the fifth-biggest residential mortgage servicer in the nation.

Battle for No. 6 Servicer Heats Up
With Ocwen Financial Corp.'s proposed acquisition of Homeward Residential Holdings Inc., three mortgage servicers will be battling for the title of sixth-biggest servicer. The proposed transaction will also put Ocwen in the loan origination business.

Ocwen profile | Homeward Residential profile

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