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The mortgage servicer Ocwen Financial (OCN) more than doubled its profit in the first quarter following a string of acquisitions that has substantially boosted its market share.
May 2 -
The midsize New York mortgage lender and the West Coast bank created to house the IndyMac assets are worlds apart in many ways, but their rumored deal is strange enough to work, experts say.
March 13 -
OneWest Bank in Pasadena, Calif., which has been considering a sale or an initial public offering, has been meeting with potential merger partners, according to a report.
March 7
Ocwen Financial (OCN) is buying mortgage servicing rights and related servicing advances from OneWest Bank in Pasadena, Calif., for $2.5 billion.
The Atlanta mortgage servicer said Thursday it would buy $78 billion in unpaid principal balances of mortgage servicing rights using a combination of cash and available credit.
The deal is expected to close in the second half of this year. The companies have agreed to a termination fee of $50 million in case it does not close, according to a securities filing.
The rights portfolio from OneWest, which was founded in 2009 by investors who bought assets from the failed IndyMac bank, would be the latest in a series of additions to Ocwen's servicing portfolio, which grew 377% in the first quarter from a year earlier, to $469 billion.
In December the company bought Homeward, another servicer, for roughly $766 million. Two months later Ocwen paid roughly $3 billion for mortgage servicing rights that belonged to Residential Capital, a former unit of Ally Financial. In April, Ocwen bought the balance of Ally's servicing portfolio.
For its part, the $25 billion-asset OneWest has considered a sale or public offering. The company is said to have had
