Ocwen Financial Announces Agreements With Texas Funds Financial institution to Purchase Correspondent Lending Small business and $14 Billion in Bulk Property finance loan Servicing Rights
Agreements Speed up Development Strategies for Servicing and Correspondent Lending
WEST PALM Seashore, Fla., April 21, 2021 (World NEWSWIRE) — Ocwen Economic Company (NYSE: OCN) (“Ocwen” or the “Company”), a top non-lender home finance loan servicer and originator, nowadays announced various agreements with Texas Capital Bank that are anticipated to appreciably grow the Company’s Correspondent Lending small business and its home finance loan servicing portfolio.
Ocwen has agreed to get Texas Capital Bank’s Correspondent Lending business, which originated approximately $2.4 billion of quantity in the fourth quarter of 2020. On a combined basis, for the fourth quarter of 2020, the organizations originated around $5 billion in correspondent quantity. Below the conditions of the arrangement, Ocwen’s subsidiary, PHH House loan, will get about 200 new correspondent sellers, and the Enterprise will suppose the bulk of Texas Capital Bank’s Correspondent personnel. The transaction is envisioned to near in the 2nd quarter of 2021.
The Company has also entered into an arrangement with Texas Money Bank to order, in bulk, home finance loan servicing legal rights (“MSRs”) attributable to a house loan loan portfolio approximating $14 billion. The agreement is envisioned to shut in the next quarter of 2021, subject matter to customary closing conditions, with around 60,000 loans expected to transfer to the PHH Mortgage loan servicing platform in the 3rd quarter of 2021. Ocwen introduced in the fourth quarter of 2020 that it experienced entered into a subservicing settlement with an predicted quantity of $13 billion in UPB. This earlier announced subservicing arrangement was restructured as the $14 billion bulk MSR transaction announced currently.
Glen A. Messina, President and CEO of Ocwen, reported, “We are quite pleased to announce our transactions with Texas Funds Lender. Our agreements to receive their Correspondent Lending business enterprise and $14 billion in bulk MSRs are important methods toward achieving our target of incorporating at the very least $100 billion in new servicing in 2021. Their Correspondent Lending company has a tested monitor record in the current market and significant-excellent operations. The acquisition of this platform enhances our rapidly growing business extremely well and we hope it will speed up our advancement ideas. We are energized to welcome their experienced crew to the Ocwen/PHH family members and for the opportunity to carry our field-leading abilities and provider to current Texas Cash Bank correspondent clientele and customers.”
Messina ongoing, “Texas Funds Bank is a crucial strategic lover for Ocwen and I want to thank them for their collaboration and partnership in finishing these two crucial agreements. We seem ahead to doing the job with them to successfully near on these transactions and continuing to expand our marriage.”
About Ocwen Fiscal Company
Ocwen Fiscal Company (NYSE: OCN) is a foremost non-lender house loan servicer and originator offering remedies as a result of its major brand names, PHH Property finance loan and Liberty Reverse Mortgage loan. PHH Property finance loan is 1 of the greatest servicers in the place, centered on providing a wide range of servicing and lending programs. Liberty is one of the nation’s greatest reverse home finance loan loan providers devoted to schooling and supplying loans that support consumers fulfill their private and fiscal wants. We are headquartered in West Palm Seashore, Florida, with offices in the United States and the U.S. Virgin Islands and operations in India and the Philippines, and have been serving our buyers considering that 1988. For extra information, please visit our web site (www.ocwen.com).
Ahead-Hunting Statements
This press launch contains ahead-on the lookout statements in just the which means of Portion 27A of the Securities Act of 1933, as amended, and Segment 21E of the Securities Exchange Act of 1934, as amended. These ahead-on the lookout statements might be determined by a reference to a long run period or by the use of ahead-hunting terminology. Forward-hunting statements are normally discovered by words this kind of as “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” or conditional verbs these types of as “will”, “may”, “should”, “could” or “would” or the detrimental of these terms, whilst not all forward-on the lookout statements comprise these text. Ahead-searching statements by their nature deal with matters that are, to distinct degrees, unsure. Visitors need to bear these elements in intellect when thinking about these types of statements and should not spot undue reliance on these types of statements.
Ahead-on the lookout statements include a amount of assumptions, challenges and uncertainties that could trigger real success to vary materially. In the past, precise final results have differed from people instructed by forward hunting statements and this may come about once again. Vital aspects that could bring about precise effects to differ materially from people prompt by the ahead-wanting statements include, but are not restricted to, our capacity to shut the transactions with Texas Capital Financial institution explained earlier mentioned, and the timeline for executing so the effect of the transactions on our operations, if executed our capacity to conclude the MAV transaction and the timing for carrying out so our skill to meet our 2021 new servicing targets uncertainty relating to the future impacts of the COVID-19 pandemic, including with regard to the response of the U.S. government, point out governments, the Federal Countrywide Home finance loan Affiliation (Fannie Mae), the Federal Residence Personal loan Property finance loan Company (Freddie Mac, and together with Fannie Mae, the GSEs), the Governing administration National Mortgage loan Association (Ginnie Mae) and regulators, as effectively as the impacts on debtors and the economy frequently the adequacy of our fiscal resources, like our sources of liquidity and means to provide, fund and recuperate servicing developments, forward and reverse complete loans, and HECM and ahead mortgage buyouts and set backs, as effectively as repay, renew and extend borrowings, borrow further amounts as and when necessary, satisfy our MSR or other asset expense goals and comply with our personal debt agreements, including the fiscal and other covenants contained in them increased servicing charges dependent on greater borrower delinquency amounts or other variables our capacity to collect expected tax refunds, including on the timeframe expected the foreseeable future of our lengthy-expression romantic relationship and remaining servicing agreements with New Household Financial commitment Corp. (NRZ) our potential to continue on to improve our financial effectiveness by way of expense re-engineering endeavours and other actions our capacity to carry on to develop our origination business enterprise and increase our origination volumes in a aggressive current market and unsure curiosity charge setting uncertainty similar to claims, litigation, stop and desist orders and investigations introduced by authorities organizations and non-public functions pertaining to our servicing, foreclosures, modification, origination and other techniques, including uncertainty relevant to earlier, current or future investigations, litigation, stop and desist orders and settlements with state regulators, the Client Fiscal Security Bureau (CFPB), Point out Attorneys Normal, the Securities and Exchange Fee (SEC), and the Department of Justice or the Section of Housing and City Advancement (HUD) adverse results on our enterprise as a end result of regulatory investigations, litigation, stop and desist orders or settlements and associated responses by crucial counterparties, like loan providers, the GSEs and Ginnie Mae our ability to comply with the conditions of our settlements with regulatory companies, as very well as normal regulatory necessities, and the expenses of executing so enhanced regulatory scrutiny and media attention any adverse developments in existing legal proceedings or the initiation of new legal proceedings our potential to interpret accurately and comply with economic and other demands of regulators, the GSEs and Ginnie Mae, as properly as those people established forth in our credit card debt and other agreements our potential to comply with our servicing agreements, such as our capacity to comply with our agreements with, and the prerequisites of, the GSEs and Ginnie Mae and manage our seller/servicer and other statuses with them our means to fund long run attracts on present financial loans in our reverse mortgage portfolio our servicer and credit score ratings as perfectly as other steps from several ranking organizations, such as the influence of prior or long run downgrades of our servicer and credit score ratings as perfectly as other challenges and uncertainties specific in Ocwen’s stories and filings with the SEC, like our yearly report on Sort 10-K for the calendar year ended December 31, 2020 and current and quarterly stories given that this sort of day. Anyone wishing to recognize Ocwen’s company need to overview our SEC filings. Our ahead-hunting statements discuss only as of the day they are created and, we disclaim any obligation to update or revise ahead-looking statements no matter whether as a end result of new information, upcoming gatherings or in any other case.
FOR More Data Speak to:
