Ocwen Financial Corp., a provider of residential and commercial loans based in Atlanta, Georgia, bought Aurora Bank’s commercial servicing portfolio.
The portfolio comprises of 3,316 loans with a total principal balance of roughly $1.8 billion on May 31. As a result of this transaction, Ocwen will continue to develop its commercial mortgage servicing program. The company now provides over 5,250 small balance commercial loans with a combined, unpaid principal balance of about $2.4 billion.
"The Aurora commercial servicing rights acquisition, combined with our September 2011 acquisition of the former Litton Loan Servicing small balance commercial loan portfolio, reflects our continuing commitment to become one of the premier third party small balance commercial loan servicers in the country,” said Ocwen CEO Ron Faris in a press release issued today.
