Google+
Home | Daily Dose | Ocwen Closes Servicing Advance Securitization Worth $600 Million
Print This Post Print This Post

Ocwen Closes Servicing Advance Securitization Worth $600 Million

reaching-for-moneyOcwen Financial announced on Monday that it has closed an offering of fixed-rate asset-backed term notes issued by Ocwen Master Advance Receivables Trust (OMART) and totaling $600 million in aggregate principal.

The notes are used to finance the servicing advances that are used to fund RMBS investors, according to an Ocwen spokesman, who also noted that the company believes the securitization of the advances is the most efficient and lowest cost form of borrowing available to mortgage servicers.

“I am pleased to announce the closing of our recent servicing advance securitization,” said Michael Bourque, Executive Vice President and CFO of Ocwen. “We believe that this execution, which replaces floating rate debt with longer dated fixed rate term debt at favorable rates, demonstrates continued confidence in Ocwen within the capital markets.”

The notes carry a weighted average fixed interest rate of 3.25 percent and include $200 million worth of one-year notes and $400 million worth of two-year notes, according to Ocwen. The notes were issued on Friday, November 13, 2015 and announced on Monday, November 16.

Net proceeds from the sale of the notes were used to refinance $600 million worth of existing floating rate OMART servicing advance financing, according to Ocwen. The notes are secured by servicing advance receivables associated with Ocwen’s private-label servicing portfolio, according to the announcement. The notes were issued in various credit classes, rated from AAA to BBB by Standard & Poor’s, according to Ocwen.

The notes were offered and sold only to “qualified institutional buyers” and outside the United States to non-U.S. persons in offshore transactions in accordance with Regulation S under the Securities Act of 1933, according to Ocwen, and therefore they are subject to restrictions on transferability and resale.’

The sale of the notes marks a bright spot for the Atlanta-based servicer after a down third quarter. In late October, Ocwen announced a net loss of $66.8 million for the quarter. Also, toward the end of September, Ocwen laid off about 300 employees, or approximately 10 percent of its U.S. workforce. In mid-September, toward the end of Q3, Ocwen settled a class action suit for $140 million in a Miami court with homeowners who had sued over inflated “force placed insurance” premiums.

About Author: Brian Honea

Brian Honea
Brian Honea's writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master's degree from Amberton University in Garland.

106 comments

  1. Pingback: Atm Numero Verde | advantages - atmreviews

  2. Pingback: Atm Numero Verde | userfriendly - atmcomparison

  3. Pingback: Percorso Linea 140 Atm | hidden - atmfees

  4. Pingback: Numero Atm Radiobus | atmsandtravel

  5. Pingback: Numero Radiobus Atm | atmlocator

  6. Pingback: Atm-mi Numero Verde | atmsabroad

  7. Pingback: Numero Radiobus Atm | maestrovscirrus

  8. Pingback: Atm Percorso Calcola | compare - theatmguide

  9. Pingback: Atm Milano Calcola Percorso | closest - atmlocator

  10. Pingback: Atm-mi Numero Verde | atmsecurity

  11. Pingback: Atm Milano Calcola Percorso | compare - topatms

  12. Pingback: Atm Orari Natale | fees - atmfees

  13. Pingback: Atm-mi Numero Verde | atmlocator

  14. Pingback: 10 Luglio Sciopero Atm | maestrovscirrus

  15. Pingback: Percorso Linea 73 Atm Milano | guide - theatmguide

  16. Pingback: Atm Calcola Percorso | cons - atmreviews

  17. Pingback: Atm Orari Natale | worldwide -worldwide atms

  18. Pingback: Atm-mi Numero Verde | cons - atmreviews

  19. Pingback: Atm-mi Calcola Percorso | atmlocator

  20. Pingback: Numero Radiobus Atm | atmreviews

  21. Pingback: Atm Milano Percorso Linea 73 | fees - atmfees

  22. Pingback: Orari Linea Verde Atm | lease - atm franchise

  23. Pingback: Numero Atm Radiobus | visa - maestrovscirrus

  24. Pingback: Atm Calcola Percorso Milano | uk - atmsabroad

  25. Pingback: Orari Atm Linea Verde Milano | theatmguide

  26. Pingback: Atm-mi Numero Verde | cashadvance - atmsandtravel

  27. Pingback: Atm Calcola Percorso | europe -atmsabroad

  28. Pingback: Atm Milano Percorso Linea 73 | passive - atmbusiness

  29. Pingback: Numero Radiobus Atm | atmcomparison

  30. Pingback: Atm Sciopero 15 16 Dicembre | clubs - portableatms

  31. Pingback: Atm Milano Percorso Linea 90 | tricks -atmfees

  32. Pingback: Percorso 90 Atm | maestro - maestrovscirrus

  33. Pingback: Atm Calcola Percorsi Milano | best - topatms

  34. Pingback: Atm Milano Percorso Calcola | security - atmsecurity

  35. Pingback: Sciopero Mezzi Atm 22 Luglio | cirrus - maestrovscirrus

  36. Pingback: Percorso Linea 43 Atm Milano | universal - atmcomparison

  37. Pingback: Percorso 90 Atm | cons - atmreviews

  38. Pingback: Numero Atm Radiobus | australia - atmsabroad

  39. Pingback: Atm Sciopero Milano 20 Luglio | atmlocator

  40. Pingback: Numero Radiobus Atm | usa - atmsabroad

  41. Pingback: Atm-mi Sciopero 16 Dicembre | intelligent - atmsecurity

  42. Pingback: Atm-mi Sciopero 16 Dicembre | compare - theatmguide

  43. Pingback: Atm Sciopero 20 Luglio | hidden - atmfees

  44. Pingback: 10 Luglio Sciopero Atm | portableatms

  45. Pingback: Percorso Linea 73 Atm Milano | top - topatms

  46. Pingback: Atm Milano Orari Metropolitana Verde | advantages - atmreviews

  47. Pingback: Sciopero Mezzi Atm Milano 25 Giugno | atmsecurity

  48. Pingback: Percorso Linea 140 Atm | pros - atmreviews

  49. Pingback: Calcola Percorso Atm Milano | compare - theatmguide

  50. Pingback: Atm Milano Sciopero 20 Luglio | secure - portableatms

  51. Pingback: Percorso Linea 73 Atm Milano | travel - worldwide atms

  52. Pingback: Atm Linea 27 Percorso | emergency - atmsandtravel

  53. Pingback: Atm Linee E Orari | puts - portableatms

  54. Pingback: Atm-mi Numero Verde | portableatms

  55. Pingback: Atm Orari Linee | comparison - atmcomparison

  56. Pingback: Atm-mi Numero Verde | passive - atmbusiness

  57. Pingback: Atm Milano Calcola Percorso | maestrovscirrus

  58. Pingback: Percorso Linea 90 Atm Milano | atmbusiness

  59. Pingback: Atm Percorso 90 91 | secrets - theatmguide

  60. Pingback: Calcola Percorso Atm | transaction - worldwide atms

  61. Pingback: Atm Percorso Linea 90 | rent -atmbusiness

  62. Pingback: Sciopero Atm Mi | security - atmsecurity

  63. Pingback: Atm-mi Calcola Percorso | idea -atm franchise

  64. Pingback: Atm Linea 14 Percorso | atmlocator

  65. Pingback: Atm Mi Sciopero 15 Dicembre | australia - atmsabroad

  66. Pingback: Atm Milano Percorso Calcola | top - topatms

  67. Pingback: Atm Percorso Calcola | atm - theatmguide

  68. Pingback: Atm-mi Calcola Percorso | cons - atmreviews

  69. Pingback: Atm Milano Calcola Percorso | direction - atmlocator

  70. Pingback: Atm Sciopero 20 Luglio | theatmguide

  71. Pingback: Atm Sciopero 10 Luglio | tricks -atmfees

  72. Pingback: Atm-mi Numero Verde | mastercard - maestrovscirrus

  73. Pingback: Atm Percorso 14 | worldwide -worldwide atms

  74. Pingback: Atm Milano Percorso Calcola | topatms

  75. Pingback: Percorso 90 Atm Milano | international - worldwide atms

  76. Pingback: Atm Percorso 14 | atm - theatmguide

  77. Pingback: Atm Milano Orari Natale | atm franchise

  78. Pingback: Atm-mi Sciopero 22 Luglio | security - atmsecurity

  79. Pingback: Sciopero Atm Milano 22 Luglio | mastercard - maestrovscirrus

  80. Pingback: Atm Milano Orari Metropolitana Linea Verde | camera - atmsecurity

  81. Pingback: Check New Lyrics Site

  82. Pingback: Hindi songs Lyrics 2016

  83. Pingback: Love Quotes | Rick Quotes

  84. Pingback: Check New Lyrics Site

  85. Pingback: 22 Luglio Sciopero Atm | maestro - maestrovscirrus

  86. Pingback: Milano Atm Calcola Percorso | uk - atmsabroad

  87. Pingback: Sito Atm Calcola Percorso | pros - atmreviews

  88. Pingback: Atm Percorsi Mi | information - eftposexplained

  89. Pingback: Numero Radiobus Atm | cirrus - maestrovscirrus

  90. Pingback: Sciopero Mezzi Atm 22 Giugno | atmfees

  91. Pingback: Atm Sciopero 20 Luglio | travel - worldwide atms

  92. Pingback: Atm Sciopero 16 Dicembre Milano | direction - atmlocator

  93. Pingback: Orari Atm Milano Linea 73 | maestro - maestrovscirrus

  94. Pingback: Atm Milano Linee E Orari | portable - portableatms

  95. Pingback: Atm Mi Sciopero 25 Giugno | atm - theatmguide

  96. Pingback: Percorso Linea 90 Atm | secrets - theatmguide

  97. Pingback: Atm Milano Percorso Calcola | best - topatms

  98. Pingback: Orari Linee Atm | direction - atmlocator

  99. Pingback: Atm Milano Percorso Linea 73 | locator - atmlocator

  100. Pingback: Atm Percorso 90 Milano | userfriendly - atmcomparison

  101. Pingback: Atm Mi Sciopero 15 Dicembre | transaction - worldwide atms

  102. Pingback: Atm Metropolitana Linea Verde Orari | wealth - atm franchise

  103. Pingback: Sciopero Atm 10 Luglio 09 | atmbusiness

  104. Pingback: Atm Milano Percorsi Mezzi | cashadvance - atmsandtravel

  105. Pingback: Atm Linee E Orari | insurance - atmsandtravel

  106. Pingback: Calcola Percorso Atm Milano | tricks -atmfees

Leave a Reply

Scroll To Top