Ocwen Financial Accelerates Growth Trajectory With Strategic Relationship With Oaktree and New Servicing Contracts
Enters into definitive agreement with Oaktree to launch MSR investment vehicle; expected to add approximately
Oaktree may purchase up to 7.9% of newly issued Ocwen stock at closing
Awarded new contracts projected to add
Ocwen has entered into a definitive agreement with funds managed by
The transaction is expected to close in the first half of 2021, subject to various closing conditions, including regulatory and other approvals.
At the closing of the transaction, Oaktree may exercise an option to purchase up to 4.9% of the Company’s outstanding common stock at a price per share of
The Company also announced that it has been awarded multiple contracts to provide subservicing, portfolio recapture and MSR transaction services with a projected subservicing volume of
The Company originated approximately
Messina continued, “The market has welcomed our enterprise sales model and the team has done a tremendous job selling our full portfolio of servicing offerings. Our recent signings are a testament to the team’s hard work, strength of our service offerings and new customer-focused technology. We are excited to welcome our new clients to the Ocwen family and to help them grow their business.”
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” or conditional verbs such as “will”, “may”, “should”, “could” or “would” or the negative of these terms, although not all forward-looking statements contain these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. We are in the midst of a period of capital markets volatility and experiencing significant changes within the mortgage lending and servicing ecosystem which have magnified such uncertainties. Readers should bear these factors in mind when considering such statements and should not place undue reliance on such statements.
Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. In the past, actual results have differed from those suggested by forward looking statements and this may happen again. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the ability to obtain regulatory approvals and the satisfaction of the closing conditions under the MAV transaction agreement and the expected timing for closing the related transactions, uncertainty relating to the future impacts of the COVID-19 pandemic, including with respect to the response of the
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Source: Ocwen Financial Corp.
Source: PHH Mortgage Corporation