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20 OCWEN ANNOUNCES TWO MSR TRANSFER TRANSACTIONS WORTH $34.6 BILLION Ocwen continued its strategy of unloading mortgage servicing rights (MSRs), announcing it came to terms on two separate transactions, totaling $36.4 billion. In the first deal, Ocwen Loan Servicing agreed in principle to sell the mortgage servic- ing rights for an agency portfolio with a total principal balance of $9.6 billion to Green Tree Loan Servicing. e portfolio consists of approximately 55,000 performing loans owned by Freddie Mac. e transaction is subject to approval by Freddie Mac and its conservator, the Federal Housing Finance Agency (FHFA), as well as other customary conditions. Ocwen reported it expected the transaction to close by April 30, 2015, and expected the loan servicing to transfer in May 2015. "We are pleased with the progress we are making on executing our plan," Ocwen CEO Ron Faris said. "Over the next several months, we expect to generate proceeds of at least $650 million from sales and transfers of mortgage ser- vicing rights. We are also committed to ensuring a smooth and accurate transfer of information to the buyers of these mortgage servicing rights." e Green Tree deal represents the third multibillion-dollar sale of an agency MSR portfolio announced by Ocwen in the last few months. Ocwen's announcement of the agree- ment with Green Tree came just one day after reports surfaced that JPMorgan Chase was the previously unidentified buyer in Ocwen's sale of a portfolio of 277,000 performing loans owned by Fannie Mae with a total unpaid principal bal- ance (UPB) of $45 billion. Ocwen announced on March 2 it agreed to sell an agency portfolio with 277,000 loans with $45 billion in UPB but did not name the buyer in that transaction. In the second deal, Ocwen Loan Servicing and Nationstar Mortgage agreed to the sale by Ocwen of the MSRs on an agency portfolio with approximately $25 billion in UPB. ere are approximately 142,000 residential mortgage loans backed by Fannie Mae and Freddie Mac in the portfolio. e transaction is subject to a definitive agreement as well as approvals from the two GSEs and the FHFA. Both companies expect the transaction to close by the middle of the year. is will be the second time in as many months Ocwen announced an MSR sale on an agency portfolio of residential loans to Nation- star. In February, Ocwen announced its intention to sell the MSR on a portfolio of about 81,000 performing residential loans owned by Freddie Mac with a UPB of about $9.8 billion to Nation- star. Combined, the two MSR deals between Ocwen and Nationstar announced in the last two months include about 223,000 agency residential mortgage loans with $34.8 billion in UPB. "is transaction, on top of the one an- nounced in February between Ocwen and Nationstar, furthers our announced corporate strategy and demonstrates the strong working relationship we have developed with Nationstar," Faris said. At the time the February transaction was announced between Ocwen and Natonstar, Faris said the deal may be just the beginning of MSR transactions between the two companies. "is transaction builds upon our strong track record of portfolio acquisitions while serving the needs of homeowners, and we look forward to expeditiously closing and boarding this portfolio," said Jay Bray, CEO of Nationstar. "We will continue to work cooperatively with Ocwen as they evaluate the sale of additional agency portfolios and look forward to continuing discussions with all counterparties."