Ocwen Financial Corporation announced that it has completed the purchase of Liberty Home Equity Solutions from Genworth Financial. Liberty will continue to offer reverse mortgages through direct, wholesale and correspondent channels.
"Liberty is the industry leader in helping seniors secure their retirement with strong customer-service and superior quality," said Ronald M. Faris, chief executive officer of Ocwen. "We believe this promising market offers enormous long-term growth potential, and this purchase positions Ocwen to capture that growth."
Pete Engelken, president of Liberty Home Equity Solutions, said "We are very excited to complete this transaction and become a part of one of the largest mortgage servicing and origination companies in the industry. Together we will be able to help even more seniors with home equity retirement income solutions, including FHA and proprietary products."