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NRZ

New Residential

$17.04 /

+0.37 (+2.22%)

, OCN

Ocwen

$1.37 /

+0.08 (+6.20%)

11:44
02/26/20
02/26
11:44
02/26/20
11:44

New Residential shares higher after pact with Ocwen on agency subservicing

Earlier in Wednesday's session, New Residential Investment (NRZ) announced that it has agreed with Ocwen Financial (OCN) to transfer the subservicing of agency loans currently subserviced by PHH Mortgage , a subsidiary of Ocwen. As part of this agreement, PHH will transfer the subservicing of approximately $41.8B unpaid principal balance of agency MSRs, representing approximately 310,000 loans, to NewRez, a subsidiary of New Residential. Transfers are expected to occur during the second and third quarters of 2020. Following the transfers, New Residential will continue to have a subservicing relationship with Ocwen related to the portfolio of non-agency loans currently subserviced by PHH. In addition, New Residential will continue to own 4.3% of Ocwen's common shares outstanding and does not intend to sell such shares in connection with this announcement. "Both New Residential and Ocwen have evolved tremendously since we first announced our agency subservicing agreement with PHH. We believe this transfer is in the best long-term interests of our company as we execute on our business strategy," said Michael Nierenberg, Chairman, Chief Executive Officer and President of New Residential. Shares of New Residential are up 2% to $17 per share while Ocwen shares are bouncing over 5% to $1.36 per share in early trading.

NRZ

New Residential

$17.04 /

+0.37 (+2.22%)

OCN

Ocwen

$1.37 /

+0.08 (+6.20%)

  • 26

    Feb

NRZ New Residential
$17.04 /

+0.37 (+2.22%)

02/13/20 Nomura Instinet
New Residential price target raised to $20 from $18.50 at Nomura Instinet
12/31/19
Fly Intel: Top five analyst actions
12/31/19 Argus
New Residential initiated with a Buy at Argus
12/02/19 Compass Point
New Residential initiated with a Buy at Compass Point
OCN Ocwen
$1.37 /

+0.08 (+6.20%)

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