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Ocwen Financial Corporation has announced that its subsidiary, Ocwen Loan Servicing, and Nationstar Mortgage, an indirectly-held, wholly-owned subsidiary of Nationstar Mortgage Holdings Inc., have agreed in principle to the sale by Ocwen of residential mortgage servicing rights (MSRs) on a portfolio consisting of approximately 142,000 loans owned by Freddie Mac and Fannie Mae with a total principal balance of approximately $25 billion. Subject to a definitive agreement, approvals by Freddie Mac, Fannie Mae and FHFA and other customary conditions, Ocwen and Nationstar expect the transaction to close before mid-year.
"This transaction, on top of the one announced in February between Ocwen and Nationstar, furthers our announced corporate strategy and demonstrates the strong working relationship we have developed with Nationstar," said Ron Faris, chief executive officer of Ocwen.
"This transaction builds upon our strong track record of portfolio acquisitions while serving the needs of homeowners, and we look forward to expeditiously closing and boarding this portfolio," said Jay Bray, chief executive officer of Nationstar. "We will continue to work cooperatively with Ocwen as they evaluate the sale of additional agency portfolios and look forward to continuing discussions with all counterparties."