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Ocwen +2% after acquiring MSRs from Wells Fargo

  • Ocwen Financial (OCN) lands residential mortgage servicing rights from Wells Fargo (WFC) on about 184K loans with a total principal balance of $39B. The sale will be finalized as servicing is transferred, which is all expected to occur this year.
  • For Wells, the sale amounts to about 2% of the bank's total residential servicing portfolio and won't be material to results.
  • Ocwen +2.2% premarket
  • Press release
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