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Atlanta-based Ocwen Financial Corp. and private equity firm WL Ross & Co. LLC entered into an agreement whereby Ocwen will acquire Homeward Residential Holdings Inc., including its various residential mortgage loan servicing and origination operating subsidiaries, for approximately $588 million in cash and $162 million in Ocwen convertible preferred stock.

Homeward services about 422,000 mortgage loans with an aggregate unpaid principal balance of over $77 billion. Homeward was organized by WL Ross & Co. in 2007 and is the result of several major platform combinations: American Home Mortgage Servicing, Option One Mortgage Co. and a large servicing portfolio from Citi Residential Lending.
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"The acquisition of Homeward significantly advances Ocwen's twin strategic growth initiatives to add high return servicing assets to its portfolio and expand origination capacity to provide for a sustainable source of future growth," says Ocwen's Executive Chairman William Erbey. "Homeward brings with it a global servicing platform as well as a growing origination business that is already operating at a $10 billion annual run-rate after launching in late 2011."


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