HLSS
Home Loan Servicing SolutionsNASDAQ
HLSS is defunct since April 29, 2015. Delisted following merger with NRZ
  • Apr. 28, 2015, 9:21 AM
    • Home Loan Servicing (NASDAQ:HLSS) is trading at $0.69 per share, down 96% from last night's close, as today the company sends checks out to owners for $16.613 per share.
    • That amount - totaling about $1.2B - is what the company received from New Residential, less a cash reserve of $50M. The $50M - or $0.704059 per share -  will be paid out upon consummation of the merger with NRZ.
    • HLSS will be delisted from the Nasdaq prior to the open on April 29.
    | Apr. 28, 2015, 9:21 AM | 9 Comments
  • Apr. 28, 2015, 9:12 AM
    | Apr. 28, 2015, 9:12 AM | 2 Comments
  • Apr. 8, 2015, 8:58 AM
    | Apr. 8, 2015, 8:58 AM | 1 Comment
  • Apr. 7, 2015, 9:46 AM
    • New Residential (NRZ +2.7%) initially knee-jerked lower last night and in the premarket following a sizable secondary offering used to finance its asset purchase of basically all of Home Loan Servicing Solutions (HLSS -4%). The stock, however, has now turned higher as investors focus on the improved pricing for NRZ - getting HLSS for $17.08 instead of $18.25.
    • Ocwen Financial (OCN +10.3%) is surging as New Residential agrees to extend contracts allowing it to service HLSS's MSRs, and on a two-year agreement not to transfer servicing rights away from Ocwen. Altisource Portfolio Solutions (ASPS +17.6%), Altisource Asset Management (AAMC +9.8%).
    • Previously: Quickie marriage for New Residential and Home Loan Servicing; Ocwen flys on NRZ partnership (April 6)
    | Apr. 7, 2015, 9:46 AM | 7 Comments
  • Apr. 6, 2015, 5:20 PM
    • The two terminate late February's merger agreement in which New Residential (NYSE:NRZ) was going to purchase Home Loan Servicing Solutions (NASDAQ:HLSS) for $18.25 per share in cash, or roughly $1.3B, and instead enter an asset purchase agreement in which NRZ has paid $1.2B or $17.08 for all 71M shares of HLSS. Adjusting for cash and repayment of HLSS debt, the price works out to about $1B in cash and 28.3M newly issued shares of NRZ - roughly $1.4B.
    • The deal had the approval of both boards and did not require a shareholder vote.
    • In addition, New Residential agrees to a multiyear extension of the servicing contracts with Ocwen Financial (NYSE:OCN).
    • Alongside, New Residential announces a 40M share secondary - 28.3M shares being sold by HLSS and another 11.7M shares by the company. The underwriter greenshoe is another 6M shares.
    • NRZ -3.8% after hours to $14.79, Ocwen +9.2%
    • HLSS closed today at $17.23.
    | Apr. 6, 2015, 5:20 PM | 17 Comments
  • Mar. 18, 2015, 9:51 AM
    • Ocwen Financial (OCN -6.1%) hopes to file its 10-K by March 23, but cannot assure doing so by that date. At issue is Ocwen's analysis of whether Home Loan Servicing (HLSS -1.6%) can continue to meet its obligations to fund new servicing advances. A failure could have a "material negative impact" on Ocwen's finances.
    • SEC Form 8-K
    | Mar. 18, 2015, 9:51 AM
  • Feb. 23, 2015, 11:43 AM
    • Ocwen Financial (OCN +7.2%) had tumbled early following the announcement of New Residential's (NRZ +7%) agreement to purchase Home Loan Servicing Solutions (HLSS +9.4%), on the idea NRZ would terminate Ocwen as servicer for the mortgages, thus costing the company a major chunk of money.
    • On a conference call to discuss the deal, New Residential management - pressed on the issue by callers - concedes it has the right to terminate Ocwen, but says it doesn't contemplate doing so.
    • Off of trading halt, Ocwen is now firmly in the green on the session.
    • Previously: New Residential up sharply following HLSS purchase; trouble for Ocwen (Feb. 23)
    • Previously: Ocwen Financial surges, halted for volatility (Feb. 23)
    | Feb. 23, 2015, 11:43 AM | 5 Comments
  • Feb. 23, 2015, 11:07 AM
    | Feb. 23, 2015, 11:07 AM | 1 Comment
  • Feb. 23, 2015, 9:43 AM
    • Investors do the math on New Residential's (NRZ +4.6%) purchase of Home Loan Servicing Solutions (HLSS +8.8%), and decide the acquirer has made a nice deal for itself (the stock initially knee-jerked lower in premarket action).
    • Via twitter, Tom Adams relays the thoughts of value investor Mangrove Partners. The Cliff's Notes: A great deal for New Residential, but potential trouble for Ocwen Financial (OCN -5.3%).
    • NRZ's purchase of HLSS, says Mangrove, increases the chances Ocwen is terminated as servicer, costing it about $650M in earnings via fee income and cleanup costs. Basically, New Residential and its manager Fortress Investments (FIG +1.7%) could end up with Ocwen's servicing rights for free while buying Home Loan Servicing at book value.
    • A dial-in conference call with the NRZ and HLSS management teams is set for 11 ET.
    • Previously: New Residential scoops up Home Loan Servicing (Feb. 23)
    • Nationstar Mortgage (NSM +9.8%), Walter Investment (WAC -4.2%), Altisource Portfolio Solutions (ASPS -0.9%)
    | Feb. 23, 2015, 9:43 AM | 6 Comments
  • Feb. 23, 2015, 9:14 AM
    | Feb. 23, 2015, 9:14 AM
  • Feb. 23, 2015, 7:32 AM
    • There's finally a deal for one of the troubled Ocwen Financial family of businesses, with New Residential (NYSE:NRZ) agreeing to buy Home Loan Servicing (NASDAQ:HLSS) for $18.25 per share in cash - a total price of about $1.3B.
    • The deal is expected to close in Q2.
    • New Residential CEO Michael Nierenberg: "The acquisition will significantly add to the value of our book of mortgage servicing assets and expand our relationships with mortgage servicers to include both Nationstar Mortgage and Ocwen Financial."
    • A steal? HLSS has trundled along between $20 and $25 per share for the last two years (while paying a sizable dividend). It fell to as low as about $10 earlier this year amid Ocwen's regulatory issues.
    • HLSS +6%, NRZ -2.4% premarket
    • Others: Ocwen (NYSE:OCN+2.1%
    | Feb. 23, 2015, 7:32 AM | 11 Comments
  • Feb. 18, 2015, 9:31 AM
    • Home Loan Servicing (NASDAQ:HLSS) and Deutsche Bank National Trust reach agreement over claims made by BlueMountain Capital Management, a supposed owner of notes issued by the HSART Trust.
    • The two note no other owner of notes has come informed the trustee that it agrees with BlueMountain's claims. For now, Deutsche has no intention of starting judicial proceedings to obtain guidance on the merits of BlueMountain's allegations.
    • "The agreement provides an opportunity for the parties to conclusively dispel BlueMountain Capital Management, LLC's false accusations of a default under the HSART Indenture," says Ocwen Financial (NYSE:OCN), commenting on the news.
    • HLSS +2.5%, OCN +0.9%
    • Previously: Ocwen family tumbles as hedge fund goes short (Jan. 23)
    | Feb. 18, 2015, 9:31 AM | 6 Comments
  • Feb. 17, 2015, 3:49 PM
    • The gains over the past few sessions are little more than a blip on the nasty longer-term charts, but they represent sizable moves. Ocwen (OCN +3.3%) is higher by about 50% from its late-January low, as is Walter Investment (WAC +13.3%).
    • Slightly more subdued is Home Loan Servicing (HLSS +2.2%) - up about 33% from late January.
    • Other names of interest: Nationstar Mortgage (NSM), Altisource Portfolio (ASPS +4.7%), Altisource Asset Management (AAMC +4.3%).
    • Previously: Barron's: Walter Investment shares set for potential double (Feb. 13)
    | Feb. 17, 2015, 3:49 PM | 2 Comments
  • Feb. 5, 2015, 10:55 AM
    • A letter to stakeholders from Ocwen Financial (OCN +14.2%) chief Ron Faris played down the chances of any material fines or settlements from current regulatory investigations.
    • Previously: Ocwen Financial +3.8% after update (Feb. 5)
    • In addition to the previously reported items, Ocwen expects in Q2 or earlier to begin closing deals selling portions of its GSE MSRs. The company anticipates sales of $5B-$20B of UPB per month through year-end. "We have received strong interest from many eligible buyers." The sales should cut leverage, should result in net gains, and will significantly cut exposure to changes in interest rates and prepayment speeds.
    • Altisource Portfolio (ASPS +10%), Altisource Asset Management (AAMC +8.6%), Home Loan Servicing (HLSS +4.1%).
    | Feb. 5, 2015, 10:55 AM | 1 Comment
  • Jan. 26, 2015, 10:08 AM
    • The "ultimate objective" of the campaign, says Ocwen (OCN +13.9%) in a letter to the  bondholders' lawyers: "To stop servicers from modifying loans and force them to foreclose on and evict as many struggling homeowners as quickly as possible."
    • All of Ocwen's loan mods, including principal reductions, says the company, are designed to be NPV positive, and thus are in the best interests of the trusts.
    • Home Loan Servicing (HLSS -1.9%) also sends a letter vowing to vigorously defend itself against BlueMountain's claims.
    • Previously: Ocwen soars after settling with California (Jan. 26)
    • Previously: Ocwen family tumbles as hedge fund goes short (Jan. 23)
    | Jan. 26, 2015, 10:08 AM
  • Jan. 26, 2015, 9:14 AM
    | Jan. 26, 2015, 9:14 AM