Login
OCWEN has been in the spotlight heavily this week with major announcements regarding the selling of its portfolios. Most recently, the mortgage loan servicing giant announced this morning that Walter Investment Management will purchase a $9.6 billion mortgage servicing rights portfolio.
In particular, the portfolio will be sold to a subsidiary of Walter Investment Management, Green Tree Servicing. According to its website, Green Tree provides “special servicing, loss mitigation strategies and integrated capital market solutions to credit-risk holders.”
The portfolio contains performing loans owned by Freddie Mac that amount to roughly 55,000. OCWEN’s CEO Ron Faris stated that he was pleased with the progress and that additional proceeds are expected to generate from sales and transfers of mortgage servicing rights.
The recent news comes just a day after JPMorgan Chase was reported to be a buyer of an OCWEN rights portfolio. Although not yet confirmed by either party, the news has spread rapidly and was corroborated by a source who wished to remain anonymous.
JPMorgan Chase is allegedly purchasing $45 billion of home loans in the deal. Different from the Green Tree deal, this transaction features performing loans owned by Fannie Mae. The multiple deals are part of a strategy that OCWEN has implemented in light of widespread complaints and legal trouble.
Nationstar Mortgage Holdings, Inc. has also joined the ranks of Green Tree by purchasing $9.8 billion in mortgage-servicing rights from OCWEN in late February as well.