Ocwen acquires delinquent Ginne Mae mortgages

by MPA15 Dec 2014
Ocwen Financial Corp., which is currently dealing with a mountain of regulatory issues, has purchased 1,705 delinquent FHA-insured loans with a principal balance of $253.1 million from Ginnie Mae pools (Ginnie Mae EBO Loans) for which Ocwen Loan Servicing LLC, was already the servicer.

The purchase was made by the company's mortgage servicing arm, Ocwen Loan Servicing LLC and was closed on December 1. On the same day, the Ginnie Mae EBO Loans were sold to an unrelated third party. Ocwen Loan Servicing will remain the servicer of the loans.

Ocwen's Ginnie Mae buyout program began in the first quarter of 2014. "We expect to execute more such purchases in the next few months, as long as market conditions are favorable," said John Britti, chief investment officer, at Ocwen.
 

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