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Another Agency MSR Sale at Ocwen

Mortgage News

Less than a week after announcing the planned sale of mortgage servicing rights on nearly $10 billion in agency loans, Ocwen Loan Servicing LLC has negotiated a sale of more than twice that size.

Last Wednesday, Ocwen revealed that it had struck a deal to sell MSRs on 55,000 Freddie Mac loans with an aggregate principal balance of $9.6 billion.

Green Tree Loan Servicing LLC, a subsidiary of Walter Investment Management Corp., is the buyer in that transaction.

Also within the past month, Ocwen has reportedly reached agreements with JPMorgan Chase & Co. and Nationstar Mortgage LLC to unload MSRs on nearly $55 billion in agency loans.

On Tuesday, Ocwen Financial Corp. announced that
Nationstar has agreed to acquire MSRs on another 142,000 Fannie Mae and Freddie loans for roughly $25 billion from subsidiary Ocwen Loan Servicing.

The latest deal with Nationstar brings total recent MSR transactions between the two companies to approximately $35 billion.

“This transaction, on top of the one announced in February between Ocwen and Nationstar, furthers our announced corporate strategy and demonstrates the strong working relationship we have developed with Nationstar,” Ocwen Chief Executive Officer Ron Faris said in today’s announcement.

The sale is subject to a definitive agreement and approval by Fannie, Freddie and the Federal Housing Finance Agency.

Atlanta-based Ocwen expects to close on the sale by the middle of this year.

Ocwen, which is delinquent in filing its 2014 Form 10-K with the Securities and Exchange Commission, last reported its mortgage servicing portfolio at $361 billion as of Sept. 30, 2014.

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