MortgageReverse

Ocwen to Buy $39 Billion in Mortgage Servicing Rights from Wells Fargo

Mortgage servicing and reverse mortgage originations parent company Ocwen this week boosted its mortgage servicing portfolio by another $39 billion in principal balance.

The company announced this week the purchase of a servicing portfolio from Wells Fargo Bank comprising private label mortgage securities with a total principal balance of $39 billion and 184,000 loans. 

The acquisition comprises approximately 2% of Wells Fargo’s total servicing portfolio, according to reports.

Ocwen, which is the parent company of Liberty Reverse Home Equity Solutions, has recently ramped up its servicing portfolio along with non-bank peers Walter Investment Management Corp. and Nationstar Mortgage Holdings; both of which own reverse mortgage origination operations. 

Last year, the company purchased $78 billion in servicing rights from OneWest following its purchase of Liberty Home Equity Solutions in a deal that closed in April. 

Ocwen and other non-bank mortgage servicers have come under investor scrutiny of late for ramping up during a time when the mortgage market is declining, a recent American Banker article noted.  

Written by Elizabeth Ecker

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