Ocwen Financial Corp., which has been busy trading portfolios on the secondary market, has reached an agreement to do another trade. The latest transaction involves a related company.
During the past year, the Atlanta-based company has negotiated deals that involved the acquisition of mortgage servicing rights on around $189 billion in home loans.
Ocwen has also been on the sell side with a deal announced last month to sell $0.1 billion in non-performing loans to Altisource Residential Corp. — a firm tied to former Ocwen subsidiary Altisource Portfolio Solutions S.A. that was spun off in 2009.
Another transaction was announced Thursday.
The latest deal involved the sale of MSRs to Home Loan Servicing Solutions Ltd. and HLSS Holdings LLC.
The sale involved servicing on $15.9 billion in Alt-A and subprime residential loans.
“The characteristics of these mortgage servicing assets are similar to those previously acquired from Ocwen, and we expect this transaction to be accretive to earnings,” Home Loan Servicing said.
Home Loan Servicing is based in Grand Cayman and completed an initial public offering last year.
Its chairman, William C. Erbey, owns more than 700,000 shares of the company and also serves as chairman of Ocwen and Altisource Portfolio Solutions.