Ocwen Financial Corp said it was selling residential mortgage servicing rights worth $9.6 billion to a subsidiary of Walter Investment Management Corp .The deal is the latest in a series of steps by Ocwen to slim down its operations amid regulatory scrutiny over its business practices.Ocwen, which delayed filing its full-year results, also said it was reviewing the ability of its affiliate, Home Loan Servicing Solutions Ltd, to meet obligations to fund new servicing advances.A failure by HLSS could hurt Ocwen's financial condition, the company said in a filing.
Home Loan Servicing Solutions (HLSS), Limited is a development-stage company. Shares of HLSS fell by 1.67% or $-0.31/share to $18.24. In the past year, the shares have traded as low as $9.73 and as high as $23.38. On average, 3344250 shares of HLSS exchange hands on a given day and today's volume is recorded at 2423752.
Ocwen Financial Corporation is a financial services holding company. Shares of OCN fell by 1.78% or $-0.16/share to $8.83. In the past year, the shares have traded as low as $5.66 and as high as $41.94. On average, 9517560 shares of OCN exchange hands on a given day and today's volume is recorded at 5917200.
Walter Investment Management Corp. together with its subsidiaries, is a fee-based business services provider to the residential mortgage industry. Shares of WAC traded higher by 8.54% or $1.33/share to $16.91. In the past year, the shares have traded as low as $14.16 and as high as $31.02. On average, 451758 shares of WAC exchange hands on a given day and today's volume is recorded at 575228.