Ocwen buys Aurora Bank's commercial mortgage servicing rights
Ocwen Financial Corp. (OCN) has finalized its purchase of Aurora Bank's commercial servicing rights portfolio.
The sale included 3,316 loans with a principal balance of roughly $1.8 billion.
"The Aurora commercial servicing rights acquisition, combined with our September 2011 acquisition of the former Litton Loan Servicing small balance commercial loan portfolio, reflects our continuing commitment to become one of the premier third-party small balance commercial loan servicers in the country," said Ron Faris, Ocwen president and CEO.
Ocwen now services more than 5,250 small balance commercial loans with an aggregate unpaid principal balance of approximately $2.4 billion.