TRID is a real obstacle to mortgage process

Fed adopts new rule limiting 'too big to fail' bailouts

New emergency lending policy targets 'broad-based' issues, not specific firms

FHFA announces 2016 conforming loan limits

Much of U.S. left unchanged; limits increase in 39 ‘high-cost’ counties

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.

Recent Articles by Diana Golobay

Comments powered by Disqus