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Ocwen to buy $48B MSR package from AmeriHome

Western Alliance Bank recently agreed to acquire AmeriHome for $1B

If you have any mortgage servicing rights you’re looking to offload, you may want to give Ocwen Financial a call.

A few weeks after striking a deal to buy $14 billion of mortgage servicing rights from Texas Capital Bank, a subsidiary of Ocwen has agreed to buy $48.3 billion of conventional MSR from AmeriHome Mortgage.

Ocwen’s subsidiary PHH Mortgage Corp. will acquire 178,000 loans sold to or securitized by Fannie Mae and Freddie Mac, boosting its overall total servicing portfolio by about 16%.

PHH Mortgage will pay roughly $607 million, “subject to adjustment for run-off prior to the date of closing, and will reimburse AmeriHome for outstanding servicing advances,” Ocwen said in a statement filed to the Securities and Exchange Commission on Monday.

Ocwen’s acquisition of the MSR portfolio is expected to close later in the second quarter, with the underlying loans transferring in September.

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In this webinar, MCT COO Phil Rasori and expert guest panelists will review how mortgage lenders can overcome common challenges selling their loans on the secondary market. Join us to learn how they are using new strategies to bypass these frustrations, ultimately leading to a pickup in loan sale profitability.

Presented by: MCT

“Overall, we are delivering very strong performance in adding new servicing across our originations channels and this agreement is a significant milestone in achieving our growth objective of adding up to $150 billion in new servicing in 2021,” Glen Messina, president and CEO of Ocwen, said in a statement. “We believe the execution of a bulk MSR transaction of this magnitude reflects the strength, quality and scalability of our servicing platform, and we look forward to welcoming our new customers to the Ocwen family.”

Western Alliance Bank agreed to buy AmeriHome for $1 billion earlier this year. AmeriHome purchased approximately $65 billion in conventional conforming and government-insured originations in 2020. The nonbank lender works with a network of over 700 independent mortgage banks and credit unions. At the time the acquisition was announced, AmeriHome managed a mortgage servicing portfolio estimated at around $100 billion in unpaid balance.

As part of its purchase of Texas Capital Bank’s servicing book, Ocwen also acquired the lender’s correspondent business. Texas Capital’s correspondent lending business originated approximately $2.4 billion of volume in the fourth quarter, slightly less than Ocwen’s correspondent lending arm during the same period. The transaction is expected to close in the second quarter of this year.

Ocwen also recently prevailed in a lawsuit brought by the Consumer Finance Protection Bureau, which alleged that it failed “borrowers at every stage of the mortgage servicing process.”

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