Ocwen sells servicing rights to $110 billion in unpaid principal

by Paolo Taruc26 Jul 2017
Mortgage REIT New Residential Investment announced on Monday it has signed “definitive agreements” with Ocwen Financial that transfer Ocwen’s mortgage servicing rights (MSRs) on $110 billion in unpaid principal balance to the former’s subsidiary, New Residential Mortgage (NRM).

New Residential said the restructuring fee payments may total “up to approximately $400 million in aggregate” if all of the applicable MSRs are transferred to NRM.

“We believe the new subservicing arrangement will further secure our interests in our MSR investments and provide additional stability to the overall servicing industry,” said Michael Nierenberg, chairman and CEO of New Residential. “We are encouraged by the performance of our investment portfolio to date and remain optimistic in our ability to continue driving shareholder value going forward.”

Concurrent with the transfer, NRM agreed to a five-year subservicing agreement with Ocwen which will see the latter subservice the mortgage loans underlying the transferred MSRs.

New Residential also agreed to acquire 4.9% of Ocwen’s outstanding shares for about $13.9 million. “New Residential has been a close business partner and this new arrangement extends and builds upon a mutually beneficial relationship,” said Ronald Faris, president and CEO of Ocwen.

This is not the first transaction between both firms this year. Last February, New Residential Invest agreed to purchase Ocwen spinoff Home Loan Servicing Solutions (HLSS) for $1.3 billion. HLSS was formed by former Ocwen chairman William Erbey to acquire the servicing rights and other income streams from servicing mortgages.


Related stories:
PHH to sell off its mortgage servicing rights portfolio in massive deal
Mortgage REIT to acquire Ocwen spinoff for $1.3B
 

COMMENTS

  • by GeorgeMcDermott.com | 7/28/2017 4:11:52 PM

    Ocwen will subservice mortgage mortgages underlying the transferred MSRs. Another scam on the U.S. Treasury by big banks and their lawyers subverting the U.S. Constitution and less every one of these notes allegedly being transferred to another servicing company has the complete mortgage package in the original form with the complete original signatures each transfer is in violation of United States truth in lending laws, title 18 of the United States criminal code, and each lawyer and judge involved in approving any of these forged unsigned foreclosure documents as an accessory to an after-the-fact to the criminal extortion on the victims and theft from the United States treasury under 18 USC 4 and their oath of office.

    For the record all courts were made aware that this was a fraud against the appellants and the U.S. Constitution, as U.S. Const. Art. 6, Clauses 2 and 3, Davis vs. Lawyers Surety Corporation. 459 S.W. 2nd. 655, 657. Tex. Civ. App. The court is fully aware that to swear to be faithful as “Oath of office or solemn affirmation” to officers of the court, its Public Servants , such as clerks of the court have a duty to uphold and also shall be bound by that court is not impaired nor impartial that the court is not impaired, nor impartial in its contact with the people, the public , to duly perform under Oath or Affirmation, to support this Constitution]; uphold and protect the Constitution and the fundamental rights entrenched therein, in administering according to justice without prejudice, in accordance with the Constitution, and duty to perform Daily duty to do their contract job appointment. Now the appellee’s attorney once again expects this court to deny their oath of office and loyalty to our Constitution, if successful new actors would be facilitating crimes against the court and Constitution, Title 18 No. 4 Misprision felony Sec 241, 242

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