Goldman to Unload Servicing Giant Litton for $264M to Ocwen – NMP Skip to main content

Goldman to Unload Servicing Giant Litton for $264M to Ocwen

NationalMortgageProfessional.com
Jun 06, 2011

The Goldman Sachs Group Inc. has announced that it has agreed to sell Litton Loan Servicing to Ocwen Financial Corporation for approximately $264 million. The sale price does not reflect certain assets that Goldman Sachs will retain. Goldman Sachs does not expect the sale to have any material impact on earnings in the second quarter due to the combination of the sales price and the impairment charge announced in the first quarter of 2011 primarily related to Litton. Ocwen also agreed to pay off $337.4 million in Litton Loan Servicing LP debt to Goldman, with the assistance of a new $575 million loan from Barclays, which advised Ocwen on the deal. The deal gives Ocwen Financial Corporation a mortgage servicing portfolio of approximately $41.2 billion, mostly in sub-prime mortgages. Goldman Sachs reported $220 million in expenses in the first quarter of 2011, mostly related to Litton Loan Servicing assets held for sale.  
Published
Jun 06, 2011
Class Action Lawsuit Filed Against Equifax Over Glitch

Complaint stems from errors in credit scores made earlier this year.

Industry News
Aug 08, 2022
Birchwood Credit Services Promotes New Chief Operating Officer

Barrett Elliot has been with national provider of mortgage credit reporting services since 2010.

Industry News
Aug 08, 2022
Redfin 2Q Revenues Up, Profits Down

Company officials said that in the third quarter they expect total revenue between $590 million and $627 million.

Industry News
Aug 05, 2022
Mutual of Omaha Mortgage Announces Wholesale Division

Loans available through its own platform and in partnership with ReadyPrice, LenderPrice, and Loansifter.

Industry News
Aug 05, 2022
MISMO Seeks Public Comment On 3 eMortgage Resources

Updates proposed to MISMO Business Glossary, eMortgage Glossary, and eModification Reference Flyer.

Regulation and Compliance
Aug 05, 2022
Deal With Opendoor Allows Zillow Back Into iBuying Business

As it releases rough 2Q earnings report, Zillow announces partnership with former rival.

Tech
Aug 04, 2022