West Hand Beach, Fla., (Business NEWSWIRE) — Ocwen Monetary Company (NYSE: OCN) (“Ocwen” or the “Company”), a leading low-financial mortgage servicer and you will maker, today announced one the wholly-had subsidiary, PHH Financial Enterprise (“PHH”), have registered for the a contract having Reverse Mortgage Possibilities, Inc. (“RMS”) and its own parent, Mortgage Possessions Government, LLC (“MAM”), to get substantially all surgery, property and you can personnel of the RMS reverse home loan repair system. MAM is actually a part away from money fund treated by the Waterfall Resource Administration, LLC (“Waterfall”). The company will even acquire most of the a fantastic security interests regarding RMS A property Owned company, REO Management Solutions, LLC (“REO”).

According to the regards to the fresh contract, subservicing contracts for the opposite home-based mortgages already subserviced of the RMS might possibly be allotted to PHH. At the time of , RMS maintained everything thirty-five,000 contrary mortgages, or just as much as $eight.8 billion into the delinquent dominant equilibrium. Included in the exchange, PHH needs to assume a lot of the the fresh RMS reverse servicing and you may REO team and you may PHH will become brand new subservicer less than a beneficial five-year subservicing contract to possess contrary mortgage loans belonging to RMS and you may MAM.

Independence is among the state’s premier opposite lenders faithful in order to education and you can delivering funds that assist people see their private and you can monetary needs

New aggregate purchase price are projected getting approximately $several.4 mil and will be susceptible to certain post-closure modifications. The transaction is expected to shut regarding the third quarter of 2021, susceptible to compatible regulatory approvals or any other regular closure requirements.

Glen An excellent. Messina, President and you may President out of Ocwen, said, “We are extremely pleased in order to declare the fresh new suggested acquisition of the RMS contrary home loan repair and you may REO platforms. The acquisition is anticipated to help you double all of our contrary servicing/subservicing portfolio and certainly will provide us with a leading-top quality opposite repair platform, educated individuals and tailored opposite tech. And additionally our newest relationship with Waterfall along side contrary home loan unit spectrum, we have been happy and honored in order to broaden our very own commitment together with them from much time-identity subservicing arrangement and also to service their asset gains and you may money expectations throughout the opposite home loan business.”

Messina extra, “All of our Versatility Contrary Financial system is among the prominent reverse lenders in the business, and we trust which purchase complements all of our established potential and further solidifies all of our leadership updates. We look forward to closing it exchange, welcoming the new RMS class, clients and you will users towards the Ocwen/PHH family members, and ongoing the much time-name union that have Waterfall.”

PHH Financial is among the largest servicers in the united states, worried about providing some servicing and you may credit apps. We have been headquartered during the Western Palm Seashore, Fl, with workplaces in the usa plus the U.S. Virgin Islands and operations when you look at the Asia while the Philippines, as well as have become offering our consumers since the 1988. To learn more, kindly visit all of our website (ocwen).

Ocwen Monetary Company (NYSE: OCN) was https://paydayloanalabama.com/edwardsville/ a number one non-financial home loan servicer and you can inventor delivering possibilities the help of its top names, PHH Mortgage and you can Versatility Reverse Mortgage

This news release includes send-searching statements within the meaning of Section 27A of your Bonds Operate out of 1933, since revised, and you will Area 21E of the Bonds Change Act off 1934, due to the fact amended. These submit-appearing comments may be acquiesced by a reference to the next period or by using pass-appearing terms and can include comments from, on top of other things, the fresh new expected closing of the deal as well as the Organizations standard out-of the pros are hit as a result of the transaction. Forward-searching comments are generally recognized by terminology like “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” or conditional verbs such “will”, “may”, “should”, “could” otherwise “would” or the negative of those terms, however all of the pass-looking comments include such terminology. Forward-searching comments of the their characteristics address things that are, to several degree, unclear. Clients will be happen these factors in mind when considering instance statements and should not lay excessive reliance upon particularly comments.

Forward-searching comments include enough presumptions, threats and you can uncertainties that could lead to real results to differ materially. In past times, real abilities keeps differed regarding men and women recommended from the forward-looking comments and this can happen once more. Keys that’ll result in actual results to disagree materially out-of men and women advised because of the forward-looking statements is, but they are not limited to, PHH’s ability to intimate brand new established transaction that have RMS, for instance the ability to obtain the requisite regulatory approvals and you will satisfy other conventional closure conditions according to the agreement that have RMS and you will MAM; the company’s capacity to consist of the fresh new received home loan servicing providers and RMS and you will REO staff into Businesses current businesses also to achieve the expected benefits from the transaction; the company’s ability to personal most other recently launched vast majority financial upkeep correct (“MSR”) acquisitions, like the capability to see regulatory approvals, get into definitive money arrangements, and you will satisfy closure requirements, as well as the time to own doing so; their power to fulfill the 2021 brand new maintenance plans; suspicion regarding the carried on affects of COVID-19 pandemic, in addition to depending on the reaction of one’s U.S. bodies, county governments, this new Fannie mae (Federal national mortgage association), new Federal Financial Home loan Company (Freddie Mac, and you may along with Fannie mae, the new GSEs), government entities National Mortgage Association (Ginnie Mae) and you may regulators; the opportunity of constant COVID-19 associated disturbance on economic markets and also in commercial activity essentially, enhanced unemployment, and other financial difficulties facing the company’s individuals; the adequacy of the Company’s savings, and its sources of liquidity and capacity to sell, finance and get well servicing enhances, submit and you may opposite whole finance, and you can House Collateral Conversion Financial and you will forward loan buyouts and place backs, and additionally pay off, replace and you can offer borrowings, borrow extra wide variety whenever needed, satisfy their MSR and other house capital expectations and you will follow its obligations plans, including the financial or other covenants within all of them; enhanced servicing will cost you according to enhanced borrower delinquency account or any other factors; and also other dangers and you will concerns detailed from inside the Ocwen’s profile and you will filings towards the Bonds and Exchange Fee, plus their yearly post on Mode 10-K on the year ended and most recent and you will quarterly records as instance go out. Forward-searching comments speak merely as of new big date he could be made and you can, Ocwen disclaims people responsibility in order to modify or modify send-looking statements whether as a result of this new information, coming occurrences if not.