Ocwen Financial to Sell $9.8 Billion Portfolio of Mortgage Servicing Rights to Nationstar

Ocwen Financial Corporation, announced on February 23rd that its subsidiary, Ocwen Loan Servicing, LLC and Nationstar Mortgage LLC, an indirectly held, wholly owned, subsidiary of Nationstar Mortgage Holdings Inc. have signed an agreement in principle for the sale by Ocwen of residential mortgage servicing rights on a portfolio consisting of approximately 81,000 performing loans owned by Freddie Mac with a total principal balance of approximately $9.8 billion. Subject to a definitive agreement, approvals by Freddie Mac and FHFA and other customary conditions, Ocwen and Nationstar expect the transaction to close by March 31, 2015 and the loan servicing to transfer in April 2015.

"This transaction represents the first step in the execution of our previously-announced strategy to transfer certain types of non-strategic servicing," said Ronald M. Faris, Chief Executive Officer of Ocwen. "We look forward to exploring additional MSR transactions with Nationstar."

"We are pleased to enter into an agreement to acquire this portfolio from Ocwen," said Jay Bray, Chief Executive Officer of Nationstar. "We look forward to expeditiously closing this portfolio and welcome the new customers to Nationstar."

Ocwen Financial Corporation is a financial services holding company which, through its subsidiaries, is engaged in the servicing and origination of mortgage loans. Ocwen is headquartered in Atlanta, Georgia, with offices throughout the United States and support operations in India and the Philippines.

Based in Dallas, Texas, Nationstar earns fees through the delivery of quality servicing, origination and transaction based services related principally to single-family residences throughout the United States.

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