Ocwen Financial Completes Acquisition of PHH Corporation; Glen Messina Becomes President and Chief Executive Officer

Ocwen Financial Completes Acquisition of PHH Corporation; Glen Messina Becomes President and Chief Executive Officer

WEST PALM BEACH, Fla., Oct. 04, 2018 (GLOBE NEWSWIRE) — Ocwen Financial Corporation (NYSE:OCN) (“Ocwen” or the “Company”), a leading financial services holding company, today announced the completion of its acquisition of PHH Corporation (“PHH”), a mortgage platform with established servicing and origination recapture capabilities, effective October 4, 2018 for approximately $360 million in cash or $11 per diluted common share.

As previously announced, concurrent with the closing of the PHH merger, Glen A. Messina became the President and Chief Executive Officer of Ocwen and a member of Ocwen’s Board of Directors.

“The close of this acquisition marks a new chapter in our history, and creates a strong non-bank mortgage servicer, positioned for growth, and better able to serve borrowers and loan investors,” commented Phyllis Caldwell, Chair of Ocwen’s Board of Directors. “We believe our increased size and scale will create both strategic and financial benefits including accelerating our transition to an industry leading servicing platform, reducing servicing, originating and overhead costs on a combined basis through the realization of $100 million in targeted cost synergies and improved economies of scale, and providing a foundation to enable Ocwen to resume new business and growth activities to offset portfolio runoff in the future. We are excited to officially welcome Glen Messina and the PHH employees to the Ocwen family.”

The newly combined company, as of June 30, 2018, services approximately 1.7 million loans with an unpaid principal balance of over $296 billion. In 2017, the combined company originated more than $3 billion of residential mortgage loans including reverse mortgages.

More here…

~

4closureFraud.org

Comments
One Response to “Ocwen Financial Completes Acquisition of PHH Corporation; Glen Messina Becomes President and Chief Executive Officer”
  1. Anthony B Rutherford says:

    Tried to bankruptcy Chapter 13 they ripped me off I paid 2 years started at $1,700 a month and went to 21 70 a month come to find out the home hasn’t been my name in 2 years it took all my money trust you got all the money now I have to find a place to live with 4 girls my nieces I’ve had nine years I’m completely broke nowhere to go foreclosure fraud is real Every Witch Way you try all scam every bit of it if you’re losing home best thing to do is save your money and find someplace else to live scam

Leave a Reply