Having established itself as a leader in the mortgage servicing industry, Ocwen Financial Corp. has now set its sites on growing residential originations through its new correspondent lending platform.
With its recent acquisition of Homeward Residential Holdings Inc., Ocwen’s total servicing portfolio grew to around $204 billion — making it the sixth-largest residential servicer behind U.S. Bancorp.
The portfolio is expected to take another leap with its expected purchase of assets from bankrupt Residential Capital LLC at the end of this month.
The Homeward deal also left the Atlanta-based company with a correspondent lending platform.
Ocwen made a presentation Thursday to potential lenders for a proposed senior secured term loan facility, according to a filing with the Securities and Exchange Commission.
The 4,500-employee company has not previously reported any mortgage originations.
But the Homeward transaction changes that.
Homeward was already originating around $800 million a month in agency loans through its correspondent lending platform.
At its presentation, Ocwen said that it expects mortgage production to reach $1 billion a month this year.
