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Ocwen, Quicken Acquire MSRs on Over $100 Billion in Loans

Ocwen Financial Corp. is continuing its rapid growth with the acquisition of mortgage servicing rights on more than $80 billion in home loans. In a related deal, Quicken Loans Inc. also made an MSR acquisition.

At last count, Atlanta-based Ocwen’s residential mortgage servicing portfolio stood at 1,219,956 loans with an aggregate unpaid principal balance of $203.7 billion as of Dec. 31, 2012.

Helping it build the portfolio was the acquisition of MSRs on around $189 billion in home loans over the past year.

Now Ocwen’s servicing portfolio has increased again thanks to an acquisition of MSRs from Ally Bank.

Ally announced Wednesday that it sold MSRs on around $115 billion in home loans to Ocwen and Quicken.

A prior announcement from Ally indicated that Ocwen was purchasing MSRs on $85 billion in agency loans for $585 million, while a subsequent announcement from Quicken indicated that it was acquiring MSRs on $34 billion in mortgages from Ally for $280 million.

Quicken previously said that its servicing portfolio had reached $90 billion and that it “expected to grow to be a top-10 servicer by mid-year.”

In today’s announcement, Ally said it received a total of $850 million for the MSRs.

“Final proceeds for the transactions are subject to adjustment based on the actual UPB on the closing dates,” the announcement stated. “Additionally, there is approximately $5 billion UPB of remaining MSR that will close in stages over the coming months.

“Once the remaining pipeline is wound down, Ally will have no remaining MSR assets.”

Ally Bank President and Chief Executive Officer Barbara Yastine noted in the announcement that the company will now focus on its direct banking franchise.

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