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Ocwen to acquire New Jersey mortgage servicing company for $360M

Keith Larsen
American City Business Journals

West Palm Beach-based Ocwen Financial Corp. (OCN) plans to acquire PHH Corporation for $360 million in cash, adding a major competitor in the mortgage-servicing space to its portfolio. Ocwen announced it had purchased all of the outstanding shares of the New Jersey mortgage servicing company on Tuesday, a day before it released its fourth quarter earnings. The two companies combined would service 1.9 million loans with an unpaid principal balance of $328 billion and originate over $3 billion of residential mortgage loans, including reverse mortgages, annually.