Cases & Deals

OneWest Bank sells mortgage servicing rights to Ocwen for $2.53 billion

Clients OneWest Bank FSB

Jones Day advised OneWest Bank in the sale of mortgage servicing rights and related advances to Ocwen Financial Corp. for $2.53 billion. Under the deal, Ocwen purchased about $78 billion in unpaid principal balances of mortgage servicing rights (MSRs) through a combination of cash and available credit. The total purchase price includes $446 million in respect of the MSRs and about $2.1 billion for the servicing advances.

In addition to M&A representation, Jones Day provided banking advice regarding this transaction.