Ocwen Financial Corp. and private equity firm WL Ross & Co. agreed on Oct. 3 that Ocwen will buy Homeward Residential Holdings. The purchase includes Homeward's various residential mortgage loan servicing and origination operating units for roughly $588 million in cash and $162 million in Ocwen convertible preferred stock.

Homeward services roughly 422,000 mortgage loans with an aggregate unpaid principal balance of more than $77 billion.

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