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Ocwen to Buy Saxon for $59.3 Million

""Morgan Stanley"":http://www.morganstanley.com has announced the sale of ""Saxon Mortgage Services"":http://www.saxononline.com to ""Ocwen Financial Corporation"":http://www.ocwen.com.

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Ocwen has agreed to acquire Saxon for the base purchase price of $59.3 million. The deal also includes an estimated $1.4 billion for servicing advance receivables outstanding.

The transaction is expected to close in the first quarter of 2012. According to _Reuters_, Morgan Stanley bought Saxon in August 2006 for $706 million.

This will mark Georgia-based Ocwen’s second major acquisition of a residential mortgage servicer in less than a year’s time. In both cases, Ocwen took the servicing businesses off the hands of investment banks.

In June, ""Ocwen agreed to purchase"":http://dsnews.comarticles/goldman-sachs-sells-litton-servicing-arm-to-ocwen-2011-06-06 Litton Loan Servicing from Goldman Sachs.

""Ocwen completed an earlier acquisition"":http://dsnews.comarticles/ocwen-completes-homeq-acquisition-closes-two-facilities-2010-09-07 of HomEq Servicing, the U.S. mortgage servicing business of Barclays Bank, in September of 2010.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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