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Ocwen Financial Corp., which this week agreed to buy Morgan Stanley's Saxon Mortgage Services Inc., isn't planning on stopping its shopping spree anytime soon.
October 26
Ocwen Financial (OCN) has purchased the commercial servicing rights portfolio of Aurora Bank.
The portfolio includes roughly 3,300 loans and has a principal balance of roughly $1.8 billion, Ocwen said Tuesday. The financial terms of the deal were not disclosed.
Ocwen, which specializes in distressed and subprime loans, has been on a
Aurora Bank is the former residential lending unit of Lehman Brothers and survived the company’s 2008 bankruptcy. Both the bank and its Colorado-based servicing division, Aurora Loan Services, have been on the selling block per orders from the bankruptcy trustee. It recently
Ocwen now services more than 5,250 small balance commercial loans with an unpaid principal balance of roughly $2.4 billion.