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Enters into definitive agreement with Oaktree to launch MSR investment vehicle; expected to add approximately $50 to $60 billion of subservicing
Oaktree may purchase up to 7.9% of newly issued Ocwen stock at closing
Awarded new contracts projected to add $30 to $40 billion in servicing
WEST PALM BEACH, Fla., Dec. 22, 2020 (GLOBE NEWSWIRE) Ocwen Financial Corporation (NYSE:OCN) ( Ocwen or the Company ), a leading non-bank mortgage servicer and originator, today announced significant developments on the Company s growth plans that are expected to generate approximately $80 to $100 billion of new servicing UPB in the aggregate.
Ocwen has entered into a definitive agreement with funds managed by Oaktree Capital Management, L.P. (collectively, Oaktree ) to form a strategic relationship that will acquire and hold mortgage servicing rights ( MSRs ) through a licensed entity, or MSR asset vehicle ( MAV ). The newly-formed company is expected to invest up to $250 million of