Ocwen Selling $9.6 Billion Servicing Rights to Green Tree

(GLOBE NEWSWIRE) -- Ocwen Financial Corporation announced today that its subsidiary, Ocwen Loan Servicing, LLC and Green Tree Loan Servicing LLC, an indirectly held, wholly owned, subsidiary of Walter Investment Management Corp., have signed an agreement in principle for the sale by Ocwen of residential mortgage servicing rights on a portfolio consisting of approximately 55,500 largely performing loans owned by Freddie Mac with a total principal balance of approximately $9.6 billion. Subject to a definitive agreement, approvals by Freddie Mac and FHFA and other customary conditions, the transaction is expected to close by April 30, 2015 and the loan servicing to transfer in May 2015.

Ron Faris, Ocwen's CEO, said "We are pleased with the progress we are making on executing our plan. Over the next several months, we expect to generate proceeds of at least $650 million from sales and transfers of mortgage servicing rights. We are also committed to ensuring a smooth and accurate transfer of information to the buyers of these mortgage servicing rights."