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Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

Ocwen Acquisition Adds Stress to Operations

Ratings watch issued

Oct. 5, 2012

By Mortgage Daily staff

A major upcoming acquisition will increase stress on the operations at Ocwen Loan Servicing LLC -- prompting at least one ratings agency to issue a warning.

Ocwen's stable outlook has been removed and its RPS3 primary servicing rating for subprime product was placed on ratings watch negative.

The warning also applies to the Atlanta-based servicer's RSS3 residential special servicer rating.

Fitch Ratings, which issued the ratings watch, is concerned about Ocwen's planned acquisition of Homeward Residential.

Fitch also placed several of Homeward's ratings -- including its primary servicer ratings for prime, Alt-A and subprime product as well as its primary specialty servicer rating for closed-end second liens and its residential special servicer rating-- on ratings watch negative.

Ocwen Financial Corp. announced on Wednesday an agreement to acquire the former American Home Mortgage Servicing Inc. for $750 million in cash and stock.

Ocwen serviced 789,712 residential loans for $122.5 billion as of June 30, according to Fitch. More than 80 percent of the loans are included in non-agency residential mortgage-backed securities, and a little more than three quarters are subprime.

Homeward's servicing portfolio totals 410,713 loans for $74.1 billion. Private-label mortgages account more than three quarters of its portfolio. Subprime share is 31 percent and Alt-A share is 37 percent.

The acquisition will boost Ocwen's servicing portfolio by 60 percent.

Fitch explained that it is concerned about "portfolio integration risk including loan transfers onto a new system of record and default management platform, time required for management involvement in planning, and execution of transfer and the assimilation of additional subprime and Alt-A loans requiring immediate high-touch efforts."

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