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In a Switch, New Century Says It Will Sell Its Servicing Portfolio to Ocwen.(Brief Article)(Statistical Data Included)
Not long ago, New Century Financial Corporation had inked a deal to have Fairbanks Capital, Salt Lake City, subservice its multi-billion dollar servicing portfolio.
But last month, New Century said it has decided to sell the bulk of its subprime credit quality mortgage receivables to Ocwen Federal Bank instead.
New Century said the sale supercedes its previously announced intention to hold onto ownership of the portfolio and use Fairbanks as a subservicer. That deal had been scheduled to close March 1, the same day New Century announced the sale to Ocwen.
Last month a Fairbanks executive said the company had no comment on New Century's change of plans.
New Century said Ocwen Federal Bank, West Palm Beach, Fla., will purchase almost $5 billion of New Century's servicing portfolio. Ocwen will pay up to $20.5 million for up to $4.9 billion of securitized loans.
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- New Century and Ocwen Partner to Improve Liquidity and Loan Terms.
- Press release article from: PR Newswire March 1, 2001 700+ words
...owned subsidiary, New Century Mortgage Corporation, and Ocwen Federal Bank FSB...for the purchase by Ocwen of $5 billion of New Century's servicing portfolio...very pleased that New Century has accepted Ocwen's proposal to initiate...
- New Century Announces the Completion of the Ocwen Transaction; Ocwen Federal...
- Press release article from: PR Newswire April 2, 2001 700+ words
...subsidiary, New Century Mortgage Corporation...the sale to Ocwen Federal Bank...servicing rights. Ocwen also assumed...responsibility of all New Century's outstanding...the transfer Ocwen will service the loans in New Century's existing...
- Ocwen Completes Purchase Of New Century Portfolio.(Brief Article)
- Magazine article from: Mortgage Servicing News May 1, 2001 700+ words
...first quarter. Ocwen also assumed...responsibility for all of New Century's outstanding...transfer to Ocwen is scheduled...by August 1. New Century will utilize...the transfer, Ocwen will service the loans in New Century's existing...
- Ocwen Completes Purchase of New Century Portfolio.
- Magazine article from: National Mortgage News May 7, 2001 700+ words
...first quarter. Ocwen also assumed...responsibility for all of New Century's outstanding...transfer to Ocwen is scheduled...by August 1. New Century will utilize...the transfer, Ocwen will service the loans in New Century's existing...
- Ocwen in Deal for New Century Servicing.(Ocwen Federal Bank )(Brief Article)
- Magazine article from: American Banker March 2, 2001 700+ words
Ocwen Federal Bank...portfolio of New Century Mortgage Corp...this month, Ocwen would get the...9 billion of New Century's securitized...servicing rights from New Century through Dec...be set later. Ocwen would also assume...
- New Century Reports Smooth Transfer of First $1.2 Billion To Ocwen Servicing...
- Press release article from: PR Newswire June 5, 2001 700+ words
...our servicing portfolio to Ocwen," said Brad A. Morrice...of the remaining loans, New Century will continue to have inquiry access to Ocwen's servicing system, allowing...basis," added Morrice. New Century Financial Corporation is...
- Top Subprime Servicers at 6/30/06.(HSBC Mortgage Corp. USA)(HomEq Servicing...
- Magazine article from: Mortgage Servicing News October 1, 2006 700+ words
...Home San Francisco, CA $47,202 $39,076 21% Mortgage 9 Ocwen Financial West Palm Beach, FL $46,385 $37,873 22% Corp...Highlands, CA $42,298 $50,786 -17% +3.09% Corp. 13 New Century Irvine, CA $39,700 $31,245 27% +2.90% Financial...
- Ocwen Buying Subprime REIT Specialist for $90 Million.(Brief Article)
- Magazine article from: National Mortgage News AVIDON, ERIC August 2, 1999 700+ words
West Palm Beach, FL-Ocwen Financial Corp. here has reached a definitive agreement to acquire Ocwen Asset Investment Corp. for approximately $96 million. Ocwen Financial is a $3.13 billion financial institution that acquires, services...