Florida Home Loans News

Ocwen to acquire New Jersey residential mortgage company PHH Corporation – South Florida Business Journal

While Ocwen will strengthen its ties to New Residential, acquiring PHH will also let it diversify its subservicing portfolio with the addition of other MSR owners. Likewise, New Residential is buying shellpoint partners, parent company of New Penn Financial. While there is a subservicing component to that deal, New Residential plans to.

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MOUNT LAUREL, N.J.–(BUSINESS WIRE)–PHH Corporation (NYSE: PHH) announced that it has entered into a definitive agreement in which Ocwen Financial Corporation (NYSE: OCN) will acquire all of the Company’s outstanding shares of common stock in an all cash transaction valued at $360 million, or $11.00 per fully-diluted share, representing a premium of 24% over the closing price of PHH’s.

MOUNT LAUREL, N.J.–(BUSINESS WIRE)–PHH Corporation (NYSE: PHH) announced today an update on its proposed merger with Ocwen Financial Corporation (NYSE: OCN).PHH and Ocwen have been working diligently to meet all closing conditions to the merger, including obtaining the requisite consents from governmental agencies and state regulatory and licensing entities.

New residential investment corp., the largest subservicing client of both Ocwen and PHH, has already given its blessing. Other secondary mortgage market participants, including Fannie Mae, Freddie Mac, Ginnie Mae and private-label securitizers that work with the servicers will also have to approve the deal.

New Jersey Citizen Action, Ocwen and the NAACP Team Up to Help New Jersey Homeowners Explore Mortgage Solutions November 13, 2017. Ocwen. New Jersey Citizen Action, Ocwen, and the NJ State Conference of the NAACP are teaming up on Thursday, November 16, 2017 at the Appian Way in Orange, NJ to explore mortgage solutions with Ocwen borrowers from across the state who are having difficulty paying.

A second top executive at the troubled mortgage service provider Ocwen Financial Corp. is leaving the company. Ocwen’s CFO Michael Bourque plans to depart on June 22, according to a Securities.

Ocwen is a financial services holding company which, through its subsidiaries, originates and services mortgage loans. On a combined basis, as of December 31, 2017, the company would service 1.9 million loans with an unpaid principal balance of $328 billion and originate more than $3 billion of residential mortgage loans annually.

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