Ocwen Financial Corp. announces purchase of PHH Corp. for $360 million cash, deal to be completed later in 2018

Nation: Ocwen Financial Corporation has announced it will purchase all outstanding shares of PHH Corporation, with the deal anticipated to close later in 2018.

PHH, via PHH Mortgage, is regarded as one of the largest subservicers for residential mortgages in the United States.

Ocwen has announced the intention for the purchase of PHH for $360 million cash, also assuming PHH’s debt; the debt listed as $120 million, per an article on MarketWatch.

Per the press release from Ocwen, the absorption of PHH will assist in growth as well as the already-underway transition of Ocwen to utilizing the Black Knight LoanSphere MSP servicing platform.

Further details of the deal will be broadcast live at 8:30 a.m. EST Wednesday, Feb. 28, at http://shareholders.ocwen.com/investor-relations. Video of the broadcast will be available for 30 days, following the initial 2 hours after the Internet broadcast.




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