Ocwen to acquire New Jersey residential mortgage company PHH Corporation – South Florida Business Journal

MOUNT LAUREL, N.J.–(BUSINESS WIRE)–PHH Corporation (NYSE: PHH) announced that it has entered into a definitive agreement in which Ocwen Financial Corporation (NYSE: OCN) will acquire all of the Company’s outstanding shares of common stock in an all cash transaction valued at $360 million, or $11.00 per fully-diluted share, representing a premium of 24% over the closing price of PHH’s.

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Home Loan Servicing Solutions, an affiliate of the mortgage servicer Ocwen Financial Corp., said it called off its proposed merger with New Residential Investment Corp. and instead will sell.

Ocwen Financial Corporation and the NAACP Maryland State Conference recently hosted a "Help & Hope for Homeowners" event in Upper Marlboro, Md. to offer struggling Maryland homeowners the opportunity to receive in-person, individualized advice, and mortgage solutions to help them remain in t Read More

While Ocwen will strengthen its ties to New Residential, acquiring PHH will also let it diversify its subservicing portfolio with the addition of other MSR owners. Likewise, New Residential is buying Shellpoint Partners, parent company of New Penn Financial. While there is a subservicing component to that deal, New Residential plans to.

Ocwen is a financial services holding company which, through its subsidiaries, originates and services mortgage loans. On a combined basis, as of December 31, 2017, the company would service 1.9 million loans with an unpaid principal balance of $328 billion and originate more than $3 billion of residential mortgage loans annually.

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Ocwen Financial Corporation Enters Into Definitive Agreement to Acquire PHH Corporation for $360 Million.. regional and community banks, and credit unions. Headquartered in Mount Laurel, New Jersey, the Company has been providing mortgage lending and servicing solutions since 1984.

A second top executive at the troubled mortgage service provider Ocwen Financial Corp. is leaving the company. Ocwen’s CFO Michael Bourque plans to depart on June 22, according to a Securities.

The PHH Corporation is a large financial services company headquartered in Mount Laurel, New Jersey. PHH provides mortgage services to some of the world’s largest financial services firms. The company is is the biggest U.S. outsourcer of home loans, processes and originates mortgages on behalf of small banks and some of the world’s largest.

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