The acquisition-minded Ocwen Financial has struck again. On Friday morning, the publicly traded nonbank said it worked out a deal to purchase “all of the operations, assets and employees” of Reverse Mortgage Solutions for $12.4 million. As of March 31, RMS serviced roughly 35,000 reverse mortgages with an unpaid principal balance of $7.8 billion…
Ocwen said that as part of the transaction, its PHH Mortgage unit will become the subservicer under a five-year agreement for reverse mortgages owned by RMS and Mortgage Asset Management, the parent of RMS…
The sale, expected to close in the third quarter, is subject to post-closing adjustments. Ocwen is already in the reverse lending and servicing arena through its Liberty platform. Most reverses are backed by FHA…
This spring, Ocwen has moved to acquire servicing rights and a correspondent unit from Texas Capital Bank and a $48.3 billion chunk of conventional MSRs from the bank-owned AmeriHome Mortgage…