Ocwen Financial To Sell Addl $25 Bln Portfolio Of Mortgage Servicing Rights

(RTTNews) - Ocwen Financial Corp. (OCN) announced Tuesday that its subsidiary, Ocwen Loan Servicing, LLC and Nationstar Mortgage LLC, an indirectly-held, wholly-owned subsidiary of Nationstar Mortgage Holdings Inc. (NSM) have agreed in principle to the sale by Ocwen of residential mortgage servicing rights on a portfolio consisting of approximately 142,000 loans owned by Freddie Mac and Fannie Mae with a total principal balance of about $25 billion.

Subject to a definitive agreement, approvals by Freddie Mac, Fannie Mae and FHFA and other customary conditions, Ocwen and Nationstar expect the transaction to close before mid-year.

OCN closed Monday's trading at $8.80. In Tuesday's pre-market trading, the company's shares are down $0.90 or 10.23 percent to $7.90