Ocwen Financial (OCN) is one of several nonbank servicers bulking up in subprime in hopes of a day when it is no longer a dirty word.

Its $2.5 billion deal for the mortgage servicing rights portfolio of OneWest Bank on Thursday underscored how banks are pulling back from the business in favor of nonbanks with a higher tolerance for risk. Walter Investment Management and Nationstar Mortgage have been buying similar assets in the past year.

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