General World News

Ocwen to buy Texas Capital’s correspondent business

Texas Capital Bank is selling its entire $14 billion book of mortgage servicing rights to PHH Mortgage, a subsidiary of Ocwen Financial Corp, for a “modest profit.” The Dallas-based bank, one of the country’s largest correspondent lenders, also announced that the deal would represent an exit from the correspondent lending sector.

According to a news release, 200 new correspondent sellers are expected to be added to PHH’s client base, and around 60,000 loans will be transferred to the PHH Mortgage servicing platform in the third quarter.

Texas Capital’s correspondent lending business originated approximately $2.4 billion of volume in the fourth quarter, details ⇒

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