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  • Gamechanger: Zillow getting into home selling business with "instant offers"

    In many ways, Zillow was one of the leaders in the online real estate revolution, helping to democratize the home buying process and enabling prospective buyers to search for their next home from the comfort of their current home. And now, Zillow wants to revolutionize the way that people sell their homes as well, as the online real estate giant announced this week that it is launching a pilot program called “Zillow Instant Offers.” Click the headline to read more.

Ocwen to Service $4.4bn of Non-Performing Mortgages

The servicing arm of Ocwen Financial Corp. (OCN) this week snatched up a servicing agreement on 24,000 non-performing mortgage loans owned by mortgage giant Freddie Mac (FRE). The interim servicing master agreement between the Ocwen Loan Servicing and Freddie, which took effect August 10, relates to single-family mortgage loans bearing an aggregate unpaid principal balance of $4.4bn, according to a company filing with the Securities and Exchange Commission (SEC) early this week. The outstanding principal balance split among 24,000 mortgages works out to an average $183,300 per loan. Ocwen Financial made headlines elsewhere this week as it raised private capital through a public stock offering. It priced a public offering of 28m shares of common stock at $9 per share. Ocwen said it expects $239.4m in net proceeds, which it plans to use for general corporate expenses, including acquisitions and working capital. Write to Diana Golobay. Disclaimer: The author held no relevant investments when this story was published.

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