Western Palm Beach, Fla., (Globe NEWSWIRE) — Ocwen Economic Company (NYSE: OCN) (“Ocwen” or perhaps the “Company”), a leading non-lender mortgage servicer and you may inventor, now established one to their entirely-owned part, PHH Financial Agency (“PHH”), has actually finished the fresh new in past times established deal that have Opposite Financial Alternatives, Inc. (“RMS”) and its mother or father, Financial Property Administration, LLC (“MAM”), to obtain substantially the RMS reverse financial upkeep system as well as new the equity welfare from the RMS Real Property Possessed providers, REO Management Selection, LLC (“REO”). MAM try a subsidiary out-of financial support financing addressed of the Waterfall Asset Government, LLC (“Waterfall”).
Concurrent with the closing of one’s transaction, PHH became the fresh subservicer around an effective four-12 months subservicing agreement to possess opposite mortgage loans owned by RMS and MAM and you can presumed whenever 350 opposite repair and REO professionals. At exactly the same time, certain 3rd-class subservicing preparations was indeed assigned from RMS in order to PHH. Consequently, PHH became the newest subservicer for approximately 57,000 reverse mortgage loans, or whenever $14.step three mil in unpaid prominent equilibrium (“UPB”), which were gone to live in PHH’s opposite repair system concurrent to the closure. Continuar leyendo «Ocwen Monetary Announces Closure Which have Reverse Financial Ways to Acquire Reverse Financial Servicing and REO Systems»