Ocwen Financial (OCN) Reports Q4 Revenues Above Estimates

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Go back to Ocwen Financial (OCN) Reports Q4 Revenues Above Estimates

Ocwen Financial (OCN) to Acquire PHH Corporation (PHH) for $360 Million

February 27, 2018 4:36 PM EST

Ocwen Financial Corporation (NYSE: OCN) today announced a definitive agreement under which Ocwen will acquire all of the outstanding shares of PHH Corporation (NYSE: PHH) (PHH), a mortgage platform with established servicing and origination recapture capabilities, for approximately $360 million in cash or $11 per diluted common share. The purchase price represents a 35 percent discount to PHHs GAAP book equity at December 31, 2017.

On a combined basis, as of December 31, 2017, the company would service 1.9 million loans with an unpaid principal balance of $328 billion and originate over $3 billion of residential... More