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Ocwen Financial Announces Closing With Reverse Mortgage Solutions To Acquire Reverse Mortgage Servicing And Reo Platforms

Oct 04, 2021•almost 4 years ago

Acquiring Company

Ocwen Financial Corporation

Acquired Company

Reverse Mortgage Servicing Platforms

Financial ServicesSoftware

Description

Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that its wholly-owned subsidiary, PHH Mortgage Corporation (“PHH”), has completed the previously announced transaction with Reverse Mortgage Solutions, Inc. (“RMS”) and its parent, Mortgage Assets Management, LLC (“MAM”), to acquire substantially all of the RMS reverse mortgage servicing platform and all of the outstanding equity interests in the RMS Real Estate Owned business, REO Management Solutions, LLC (“REO”). MAM is a subsidiary of investment funds managed by Waterfall Asset Management, LLC (“Waterfall”).

Company Information

Company

Ocwen Financial Corporation

About

Ocwen Financial Corporation (NYSE: OCN) is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to education and providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices in the United States and the U.S. Virgin Islands and operations in India and the Philippines, and have been serving our customers since 1988. For additional information, please visit our website (www.ocwen.com).

M&A Insights

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Integration timeline
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Tech stack consolidation
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Post-acquisition investment
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