Ocwen Loan Servicing has inked a deal to be the interim servicer for Freddie Mac on 24,000 nonperforming single-family loans with a principal balance of $4.4 billion.
The deal, effective Aug. 10, was revealed in a recent Securities and Commission filing by Ocwen's parent, the publicly traded Ocwen Financial Corp. of West Palm Beach, Fla. No further details were available at press time.
Ocwen is the nation's ninth largest subprime/scratch and dent servicer, according to the Quarterly Data Report.
Meanwhile, Ocwen executives are on a road show, promoting an additional common stock offering which could raise up to $250 million.
J.P. Morgan Securities, Barclays Capital, and Wells Fargo Securities are the joint book running managers on the deal.