HLSS IPO expected late February, Van Vlack to head up firm
Ocwen Financial Corp. (OCN) spinoff — Home Loan Servicing Solutions — is expected to launch its IPO by the end of February.
Ocwen also said during its earnings call Thursday that Ocwen CFO John Van Vlack will leave his position at Ocwen to head up HLSS, which is prepping for its IPO, expected to price next week.
Ocwen originally announced plans to shift Van Vlack over to HLSS nearly a year ago. John Britti, who was named executive vice president of finance for Ocwen in January 2011, assumes Van Vlack's CFO role at Ocwen.
Van Vlack said his new position will become official when the IPO — expected to occur during the last week of February — closes. Thursday marked his last earnings call as Ocwen's CFO.
Cayman Islands-based HLSS was formed to acquire Ocwen's mortgage servicing rights, and will also acquire MSRs on the open market. Ocwen said during Thursday's fourth-quarter earnings call that it expects to become a subservicer on portfolios that HLSS acquires.
HLSS plans to raise up to $316 million in its IPO and expects shares to price at $15.
The company plans to list on the Nasdaq under the symbol HLSS. Wells Fargo Securities and Barclays Capital are lead underwriters.