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Investments

Ocwen stock stays strong after regulators halt $2.7 billion MSR deal

HW 30, major indices up in early afternoon trading despite jobs report

Stocks
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Stocks climbed for a second session on Friday, helping to recover from Monday’s sell-off arising from weak manufacturing reports despite a suboptimal jobs report Friday morning from the U.S. Bureau of Labor Statistics.

The upward momentum continued through early afternoon Friday trading for the majors and for the HW 30, HousingWire's proprietary index of top stocks impacting the housing economy.

The Dow picked up 140 points as of 2:15 p.m. ET, while the Nasdaq was up 63 points.

The HW 30 was up 7.54 points, or 0.7%.

Most notably among the HW 30, non-bank servicers Ocwen Financial Corp. (OCN), Walter Investment Management (WAC) and Nationstar Mortgage Holdings (NSM) were up.

Ocwen shrugged off losses from Thursday when New York state regulators put an indefinite hold on its $2.7 billion MSR deal with Wells Fargo(WFC) to service some $39 billion in mortgages.  

Ocwen released a statement saying the company, “at the request of the New York Department of Financial Services, its mortgage servicing arm has agreed to put an indefinite hold on its previously announced purchase from Wells Fargo Bank, N.A. of mortgage servicing rights on a portfolio consisting of approximately 184,000 loans with a total principal balance of $39 billion.

“Ocwen will continue to work closely with the NY DFS to resolve its concerns about Ocwen’s servicing portfolio growth,” the statement reads.

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