Ocwen finalizes deal to sell $110B of MSRs to New Residential

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The two firms announced the planned acquisition back in October when Ocwen said it would pay approximately $588 million in cash and $162 million in convertible preferred stock for Homeward.

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Ocwen is going to use the money it receives from selling the servicing (to the company being set up by its chairman) to pay down debt, repurchase stock or purchase additional MSRs. To obtain funds for the purchase, HLSS plans to raise up to $316.3 million through an initial public offering.

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Your mortgage is a fixed income asset owned by the bank. Put in a different way, your obligation to make monthly payments is owned by the bank. The bank owns it so they have the right to sell it to who ever wants to buy it. It shouldn’t make any difference to you where that obligation goes.

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Equally important, New Residential saw its book value per share (objective value of its assets) rise about 10% last year (excluding the Ocwen deal), compared to 7% in both 2015 and 2016. Since its IPO in 2013, New Residential has grown its book value per share by 55%, largely thanks to the appreciating values of its loan book.

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), one might also argue that.

As servicing gets more complex, it often takes two to tango Two takes on a crazy woman.. and then progress to more elaborate and complex movement, style and somatic technique suitable for musical, social dancing.. I am sure that a good restaurant cabeceo gets better service than the deprecating call for a "Waiter" or worse, as I heard earlier.

Ocwen: 1Q Earnings Snapshot. WEST PALM BEACH, Fla. (AP) _ Ocwen Financial Corporation (OCN) on Tuesday reported a first-quarter loss of $44.5 million, after reporting a profit in the same period a year earlier.

And now enters the drama: Earlier this year, New York State’s Department of Financial Services superintendent, Benjamin Lawsky, indefinitely halted Wells Fargo’s $39bn transfer of MSRs to Ocwen, the largest non-bank servicer, due to concerns about Ocwen’s capacity to effectively service the loans.