Ocwen Financial Plans To Sell $9.8 Bln Portfolio Of Mortgage Servicing Rights

(RTTNews) - Ocwen Financial Corp.'s (OCN) unit, Ocwen Loan Servicing, LLC, and Nationstar Mortgage LLC, an indirectly held, wholly owned subsidiary of Nationstar Mortgage Holdings Inc. (NSM) have inked an agreement in principle for the sale by Ocwen of residential mortgage servicing rights on a portfolio comprising nearly 81,000 performing loans owned by Freddie Mac with a total principal balance of about $9.8 billion.

Subject to a definitive agreement, approvals by Freddie Mac and FHFA and other customary conditions, Ocwen and Nationstar anticipate the transaction to close by March 31, 2015 and the loan servicing to transfer in April 2015.

"This transaction represents the first step in the execution of our previously-announced strategy to transfer certain types of non-strategic servicing," said Ronald M. Faris, Chief Executive Officer of Ocwen. "We look forward to exploring additional MSR transactions with Nationstar."