Ocwen finalizes deal to sell $110B of MSRs to New Residential
Continuing with its retreat from the mortgage servicing industry, Wells Fargo & Co. (WFC) decided to proceed with the sell-off of residential mortgage-servicing rights (MSRs) on 1,84,000 loans.
With respect to its Rights to MSRs interests, NRZ has the right to sell its servicing rights to a third party if these third-party consents are not obtained and Ocwen does not elect to purchase.
Nearly two months after announcing that it planned to sell off its Ginnie mae mortgage servicing rights portfolio, PHH said Wednesday that it plans to sell its entire remaining mortgage servicing.
In total, the New Residential deal covers $117 billion in mortgage servicing rights, and with Ocwen’s total servicing portfolio totaling $196.4 billion, the deal will see Ocwen’s servicing portfolio reduced to $79.4 million, a reduction of nearly 60%.
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· I mention this because, while one might argue that Ocwen got a relatively good deal on these MSRs (specifically because ResCap was in Chapter 11 and pressured to sell.
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Under the deal, Ocwen (NYSE:OCN) will transfer to New Residential (NYSE:NRZ) about $110B UPB of MSRs. In exchange, New Residential will pay Ocwen restructuring fee payments of up to roughly $400M.
Ocwen finalizes deal to sell $110B of MSRs to New residential ocwen financial finalized the deal to sell its interests in $110 billion of nonagency mortgage servicing rights to New Residential Investment Corp. for total consideration of $400 million.
· Much of the focus around New Residential Investment Corp.. (MSRs) and servicer. So NRZ might not be able to sell the collapsed deals for as much. If.
Ocwen to Buy Ally Bank’s MSRs. Ocwen Financial Corp. ( OCN) has agreed to buy a majority stake in the portfolio of mortgage collection rights from Ally Bank – a unit of Ally Financial Inc. This is the latest addition to Ocwen’s long list of mortgage servicing rights (:MSR) acquisitions. The stake buyout is estimated to be worth $585 million.
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Continuing with its retreat from the mortgage servicing industry, Wells Fargo & Co. decided to proceed with the sell-off of residential mortgage-servicing rights (MSRs) on 1,84,000 loans with total principal balance of about $39 billion to Ocwen Financial Corp. ().Notably, the portfolio represents 2% of the bank’s total residential-servicing portfolio as of Dec 31, 2013.