Wells Fargo sells $39 billion MSR portfolio
Ocwen Loan Servicing purchases rights
Wells Fargo & Co. (WFC) subsidiary, Wells Fargo Bank, has signed an agreement to sell Ocwen Loan Servicing (OCN) a $39 billion portfolio of residential mortgage servicing rights, with approximately 184,000 loans linked to the transaction.
The portfolio represents approximately 2% of the banks total residential servicing portfolio.
The transaction will not be material to the bank’s financial results, and the sale will be finalized as the servicing is transferred, which will likely occur in 2014.
In addition, the loans are serviced under America’s Servicing Company, and are primarily owned by private investors and were not originated or owned by Wells Fargo.