in News > Residential Mortgage
print the content item


Ocwen Financial Corp. has announced that it will acquire Genworth Financial Home Equity Access Inc., the nation's leading reverse mortgage originator, for approximately $22 million in cash. The company, a subsidiary of Genworth Financial Corp., will be renamed Liberty Home Equity Solutions Inc.

The deal, which was announced today, was transacted on Oct. 26, making it the third acquisition for the West Palm Beach, Fla.-based Ocwen last month; it acquired Homeward Residential Holdings Inc. on Oct. 3 and joined Walter Investment Management Corp. in acquiring the mortgage servicing and origination platform assets of Residential Capital LLC on Oct. 24. The Genworth acquisition is expected to close in the first quarter of 2013.

"With the closing of the ResCap and Homeward acquisitions, Ocwen will become the fifth largest mortgage servicer in the country,” says Ron Faris, president and CEO of Ocwen Financial. “More importantly, the infrastructure, management and staff from these acquisitions expand and enhance our capabilities in important areas such as Ginnie Mae and master servicing."




Latest Top Stories

Freddie Mac: Great Year So Far For Apartment Construction

Construction of condominium complexes is "scant," at least in comparison to 2006, and single-family construction is just "chugging along," Freddie Mac reports.


'Access To Affordable Mortgages Act' Introduced In The House

Rep. Blaine Luetkemeyer, R-Mo., recently introduced the Access to Affordable Mortgages Act, which aims to exempt certain higher-risk loans from property appraisal requirements under the Truth in Lending Act.


Black Knight: HELOC Reset Storm Approaching

A report from Black Knight Financial Services shows that at least 2.5 million HELOCs will face resets over the next several years, resulting in an average increase of $250 per borrower monthly payment.


CFPB Selects Vendors And Lenders For Its Mortgage E-Closing Pilot

Five technology firms and seven lenders will participate in the CFPB's e-closing pilot, which will explore the viability of developing a standard process for closing mortgages using technology.


BofA To Pay Nearly $17 Billion To Resolve Mortgage Bond Probe

The agreement with the U.S. Department of Justice eclipses the $13 billion settlement JPMorgan Chase reached with federal and state authorities over similar allegations last November.

Urban Lending_id1351
Hse SandyHook
Industry Resource
Orb Mobile
FedHomeLoan_id1341
Safeguard_id1322
SWBC_id1313