Ocwen Financial Corporation Completes Acquisition of Commercial Servicing Assets of Aurora Bank
ATLANTA, June 5, 2012 (GLOBE NEWSWIRE) -- On May 31, 2012, Ocwen Financial Corporation (OCN) completed its acquisition of Aurora Bank FSB's commercial servicing rights portfolio, consisting of 3,316 loans with a total principal balance of approximately $1.8 billion.
With the closing of this transaction, Ocwen continues the development of its commercial mortgage servicing platform. "The Aurora commercial servicing rights acquisition, combined with our September 2011 acquisition of the former Litton Loan Servicing small balance commercial loan portfolio, reflects our continuing commitment to become one of the premier third party small balance commercial loan servicers in the country," said Ron Faris, President and CEO. Ocwen now services over 5,250 small balance commercial loans with an aggregate unpaid principal balance of approximately $2.4 billion.
Ocwen Financial Corporation is a leading provider of residential and commercial loan servicing, special servicing and asset management services. Ocwen is headquartered in Atlanta, Georgia with offices in West Palm Beach and Orlando, Florida, Houston, Texas, and Washington, DC and support operations in India and Uruguay. Utilizing advanced technology and world-class training and processes, we provide solutions that help homeowners and make our clients' loans worth more. Additional information is available at www.ocwen.com .
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance, and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially.
CONTACT: William Stolberg Director - Commercial Servicing T: (561) 682-8275 E: William.Stolberg@Ocwen.comSource: Ocwen Financial Corp. 2012 GlobeNewswire, Inc.