Tag Archives: Wells Fargo

Ocwen Financial Corporation announced Thursday that plans to purchase the mortgage servicing rights of a portfolio worth $39 billion from Wells Fargo Bank have been halted by the New York Department of Financial Services (NY DFS). The Atlanta-based business serves as a financial services holding company. The transaction has been halted indefinitely, and any timeline for the completion of the deal remains undecided.

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. 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. They represent about 2 percent of Wells Fargo's total residential servicing portfolio as of the end of 2013.