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.’