Ocwen Financial (OCN) has completed its purchase of the reverse mortgage lender Liberty Home Equity Solutions from Genworth Financial (GNW).
Ocwen announced the $22 million deal for Liberty, formerly Genworth Financial Home Equity Access, in October. The closing was announced Wednesday.
Liberty, based in Sacramento, Calif., offers reverse mortgages through direct, wholesale and correspondent channels. It was the No. 3 reverse mortgage lender in the country in 2012, according to data from
Ocwen has been aggressively building its mortgage lending and servicing operations through deals. Last October it
In February it
"Liberty is the industry leader in helping seniors secure their retirement with strong customer service and superior quality," Ocwen Chief Executive Ronald Faris said in a news release. "We believe this promising market offers enormous long-term growth potential, and this purchase positions Ocwen to capture that growth."