Ocwen, PHH Mortgage Completes Acquisition of Reverse Mortgage Services Business
Glen Messina, President and CEO of Ocwen, said the transaction triples the company’s total owned and outsourced reverse portfolio and opens up additional growth opportunities through a five-year outsourcing agreement.
“The acquisition provides us with a high quality reverse service platform, experienced people and personalized feedback technology and supports our strategy to create an internal reverse service platform,” she said. “We believe this transaction allows us to significantly expand our reverse mortgage portfolio and position us as the only mortgage company to originate, securitize and directly serve clients and clients of reverse mortgages. “
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In addition, the agreement incorporates 350 employees and approximately 57,000 outsourcing agreements with third parties ($ 14.3 billion in outstanding capital balance) are transferred to PHH’s reverse service platform. PHH plans to begin managing its portfolio of approximately 34,000 reverse mortgages, or a UPB of approximately $ 6.7 billion, in the fourth quarter.
“We are delighted to officially welcome a group of very talented employees to our company, and look forward to our expanded partnership with Waterfall to continue to support their growth goals in the reverse mortgage industry,” said Messina.