West Hand Beach, Fla., (World NEWSWIRE) — Ocwen Financial Organization (NYSE: OCN) (“Ocwen” or perhaps the “Company”), a number one non-bank mortgage servicer and you can inventor, today established that the entirely-possessed part, PHH Financial Firm (“PHH”), has inserted on the a binding agreement with Contrary Home loan Selection, Inc. (“RMS”) as well as mother, Mortgage Possessions Management, LLC (“MAM”), locate substantially all the functions, possessions and you can employees of one’s RMS opposite financial upkeep system. MAM is a part out of financial support financing handled of the Waterfall Asset Management, LLC (“Waterfall”). The firm will acquire the a great equity passion in the RMS Home Had company, REO Government Possibilities, LLC (“REO”).
According to the terms of this new contract, subservicing deals towards contrary domestic mortgages currently subserviced by RMS could well be assigned to PHH. Since , RMS maintained whenever thirty five,000 opposite mortgages, otherwise as much as $seven.8 billion within the unpaid principal harmony. As part of the transaction, PHH needs to imagine the vast majority of brand new RMS contrary servicing and REO staff and you will PHH can be the fresh new subservicer less than a great four-seasons subservicing agreement having reverse mortgage loans belonging to RMS and you can MAM.