Ocwen Dumps Servicing Rights on $25 Billion in Mortgages

24/7 Wall St.

471485037Just a month ago, mortgage servicer Ocwen Financial Corp. (NYSE: OCN) sold servicing rights to a portfolio of some 81,000 performing loans owned by Fannie Mae and Freddie Mac, valued at about $9.8 billion, to Nationstar Mortgage Holdings Inc. (NYSE: NSM). On Tuesday morning, the two companies announced that they have agreed to a similar deal involving 142,000 agency-backed loans with an approximate value of $25 billion.

No closing date on the transaction was given, but the two companies expect the deal to close before mid-year.

Ocwen said Monday that the New York Stock Exchange had threatened to delist the stock for the company’s failure to file its 2014 annual statement on time. The company also said that it did not know when it would be able to file the documents.

The transaction announced Tuesday totals nearly $35 billion toward an announced goal to shed servicing rights to $55 billion…

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