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."


Six important questions you need to ask about your compliance process_id1314


Latest Top Stories

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.


FHFA Seeks Feedback On Proposed Single Security For GSEs

The agency is requesting feedback from mortgage industry professionals on all aspects of the proposed single security structure and in particular, issues regarding the transition from the current system to a single security.


Ellie Mae To Buy AllRegs For $30 Million

"With the acquisition of AllRegs, Ellie Mae will expand its customer base and add a broad array of content and services that complement our portfolio of product offerings," says Sig Anderman, CEO of Ellie Mae.


Survey Shows ATR/QM Rules Are Negatively Affecting Approvals

In a survey of loan officers commissioned by the Federal Reserve Board, more than half said the CFPB's ability-to-repay/qualified mortgage rule has reduced approval rates for certain types of mortgages.


Report Lambastes Servicers For Doing Poor Job With HAMP

SIGTARP once again disses mortgage servicers for failing to keep up with the volume of applications for HAMP as well as the Treasury Department for failing to do a better job of overseeing servicers' HAMP activities.

LenderLive_id1241
Hse SandyHook
Industry Resource
Play for Pink
NAMFS_id1321
Safeguard_id1322
SWBC_id1313