Ocwen Monetary Announces Closing Which have Contrary Financial Remedies for Acquire Opposite Financial Repair and you may REO Programs

Western Palm Coastline, Fla., (Globe NEWSWIRE) — Ocwen Monetary Enterprise (NYSE: OCN) (“Ocwen” or the “Company”), a prominent non-bank mortgage servicer and you can founder, today announced you to the wholly-owned subsidiary, PHH Financial Firm (“PHH”), possess accomplished new in earlier times launched deal which have Reverse Financial Choice, Inc. (“RMS”) and its particular father or mother, Mortgage Possessions Government, LLC (“MAM”), to track down considerably every RMS reverse mortgage servicing platform as well as the brand new a fantastic equity passion about RMS Real House Owned organization, REO Government Options, LLC (“REO”). MAM are a part off funding financing addressed from the Waterfall Advantage Management, LLC (“Waterfall”).

Concurrent on the closure of your purchase, PHH turned the newest subservicer significantly less than good five-season subservicing contract to own reverse mortgage loans owned by RMS and you may MAM and you will presumed just as much as 350 reverse maintenance and REO teams.