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Home | Daily Dose | Wells Fargo to Sell $39B MSR Portfolio to Ocwen
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Wells Fargo to Sell $39B MSR Portfolio to Ocwen

Wells Fargo to Sell $39B MSR Portfolio to Ocwen

Ocwen's servicing segment is set to acquire mortgage servicing rights (MSRs) on a $39 billion portfolio from Wells Fargo, the two companies announced Wednesday.

According to the dual releases, the portfolio consists of approximately 184,000 loans and accounted for about 2 percent of Wells Fargo's total residential servicing portfolio as of the end of 2013.

The companies expect the transaction to close by the end of this year. Financial details were not disclosed.

The loans underlying the MSRs in the portfolio are primarily in private label securities, the companies said, and they were not originated by Wells Fargo.

Last September, Wells CFO Tim Sloan told investors the bank would likely sell some of its servicing rights over the next few quarters as a risk management practice, "[s]o if we ever get into a period where we have to sell, we've already gone through the process."

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About Tory Barringer

Tory Barringer
Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.

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