Ocwen to Sell $45 Billion in Mortgage Servicing Rights to Chase

Ocwen Financial Corp. will sell mortgage servicing rights for 266,000 Fannie Mae loans worth $45 billion to Chase.

“Buying this prime servicing book will improve the quality of our servicing portfolio and will help drive a stronger and less volatile mortgage business,” said Chase Mortgage Banking CEO Kevin Watters. “We expect the portfolio, in addition to lower delinquency rates overall, will help improve the value of our business.”

In March, Atlanta-based Ocwen (NYSE: OCN) reported its plans to sell the portfolio and that it sold another $25 billion portfolio to Nationstar.

More here…