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Ocwen Financial Corp's Indirect Wholly-owned Subsidiary Announces Completion Of Disposition Of Assets To Home Loan Servicing Solutions Ltd-Form 8-K


Monday, 8 Jul 2013 06:01am EDT 

On July 1, 2013, Ocwen Loan Servicing, LLC (OLS), a wholly-owned subsidiary of Ocwen Mortgage Servicing, Inc., and an indirect wholly-owned subsidiary of Ocwen Financial Corp (Ocwen), reported in its Form 8-K that it has completed a sale to HLSS Holdings, LLC (HLSS Holdings) and Home Loan Servicing Solutions Ltd together with HLSS Holdings, HLSS) of rights to receive servicing fees (Rights to MSRs) and related servicing advances for a servicing portfolio of subprime and Alt-A residential mortgage loans (the Transaction). The Transaction resulted in the sale of Rights to MSRs with approximately $83.6 billion in unpaid principal balance of mortgage loans (UPB) as of June 30, 2013. The purchase price for the Transaction was approximately $2.670 billion, including $2.429 billion for servicing advances and $241 million for the associated Rights to MSRs. Within 90 days of the closing, the purchase price may be adjusted to reflect any adjustments in the calculation of the UPB of the underlying mortgage loans or servicing advance balances acquired in the Transaction. 

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