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Ocwen Completes Purchase Of New Century Portfolio.(Brief Article)
New Century Mortgage Corporation has completed the sale of about $4.8 billion in servicing rights to Ocwen Federal Bank, West Palm Beach, Fla.
Ocwen paid $19.7 million for the portfolio, according to New Century. The actual size of the portfolio was adjusted downward slightly from the previously announced amount of $4.9 billion to reflect amortization and loan payoffs during the first quarter.
Ocwen also assumed responsibility for all of New Century's outstanding servicing advance receivables and responsibility for all future servicing advance obligations relating to the purchased portfolio.
New Century will retain about $700 million of servicing rights.
With the cash proceeds from the sale, New Century said it repaid the portion of its warehouse line of credit secured by servicing advances, repaid the outstanding balance on its $22.5 million working capital line of credit with U.S. Bank, purchased interest rate hedge protection for the residual cash flow and increased its liquidity.
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