Ocwen to buy mortgage servicing rights from OneWest Bank for $2.53 bln

June 13 Thu Jun 13, 2013 4:31pm EDT

June 13 (Reuters) - Ocwen Financial Corp said it would buy mortgage servicing rights and related servicing advances from OneWest Bank for $2.53 billion.

Under the deal, Ocwen will purchase about $78 billion in unpaid principal balances of mortgage servicing rights (MSRs) through a combination of cash and available credit.

The deal is expected to close in stages during the second half of the year, Ocwen said in a regulatory filing. ()

Both companies have agreed to set a termination fee of $50 million in case the deal does not go through.

Ocwen has been snapping up assets from banks that are eager to offload their mortgage servicing units as questionable foreclosure practices attract regulatory scrutiny.

Ocwen shares closed up 4 percent at $45.74 on the New York Stock Exchange on Thursday. They were up about 2 percent in extended trading.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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