Ocwen finalizes deal to sell $110B of MSRs to New Residential

Incenter brokering $2 billion in agency MSRs with imaged files Almost $1.2 billion was invested in the first quarter of this year alone, with around $800 million going into Magic Leap. To put this in perspective, $1.2 billion dollars is 25x the level of AR/VR investment 2 years ago in Q2 2014. Even without Magic Leap’s monster round, the remaining Q1 2016 investment.

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Ocwen’s $150M Settlement: A Clean Slate or a New Burden?. halted Ocwen’s deal to buy residential mortgage-servicing rights. Ocwen holds a Zacks Rank #5 (Strong Sell).

People on the move: June 29 Slower price growth helps homebuyers, hurts underwater mortgages A potential recession in 2020 or 2021 could slow sales and price growth, he says, and possibly cause prices to flatten or even dip in some of the high-priced markets that have seen intense growth.

Loan servicing company ocwen Financial Corp. (OCN) said Thursday that it has agreed to buy mortgage servicing rights and related servicing advance receivables from California-based OneWest Bank, FSB for $2.

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New risks and uncertainties emerge from time to time, and it is not possible for New Residential to predict or assess the impact of every factor that may cause its actual results to differ from.

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I mention this because, while one might argue that Ocwen got a relatively good deal on these MSRs (specifically because ResCap was in Chapter 11 and pressured to sell), one might also argue that.

In January of 2014, they announced the sale of $39 billion of MSRs to Ocwen. At the time, the share price of Ocwen was just off its 52-week high at $55 per share. Two weeks following the announcement of the deal, Benjamin Lawsky, the Superintendent of Financial Services blocked the deal.

Ocwen Financial Corp (NYSE:OCN)’s stock price crossed above its 50-day moving average during trading on Monday . Ocwen Financial shares last traded at $1.69, with a volume of 15,769 shares trading hands. Separately, ValuEngine lowered Ocwen Financial from a "buy" rating to a "hold" rating in a research note on Wednesday, May 1st.

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In total, the New Residential deal covers $117 billion in mortgage servicing rights, and with Ocwen’s total servicing portfolio totaling $196.4 billion, the deal will see Ocwen’s servicing portfolio reduced to $79.4 million, a reduction of nearly 60%.