Ocwen stated that it received all necessary regulatory, governmental, and contractual approvals and consents needed to close the transaction. Ocwen initially announced the acquisition on Feb. 27.
“We are very pleased to announce the proposed acquisition of PHH, a leading non-bank servicer,” said Ocwen President and CEO Ron Faris when making the announcement of the deal. “PHH is a high-quality servicer with complementary capabilities and business lines to Ocwen, making it a great strategic match for us. In addition to providing significant scale benefits, this transaction gives us the opportunity to migrate to their existing BlackKnight LoanSphere MSP servicing platform more quickly and with less risk than had we just implemented the system ourselves. We are also excited by the opportunity to welcome the PHH employees to the Ocwen family and by the opportunity to bring our industry-leading and innovative loss mitigation capabilities to existing PHH servicing customers currently struggling with their mortgage payments.”