- 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