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.
Ocwen to Service $4.4bn of Non-Performing Mortgages
Most Popular Articles
Latest Articles
Did lower mortgage rates slow housing inventory growth?
After two weeks of significant increases, my model for inventory growth with higher mortgage rates came crashing down last week.
-
Labor market report is good news for mortgage rates
-
Virginia Realtors: Zillow’s touring agreement may not be legal
-
Low inventory creates challenging conditions in North Carolina’s housing market
-
Tri-state area housing shortage could cost the region economically
-
Remote reverse mortgage counseling now permanently permitted in Massachusetts