Ocwen Financial Corp. said it paid $1.196 billion, or 7.4% less than originally planned, when it closed on its purchase of HomEq Servicing Corp., North Highlands, Calif., citing runoff in the company's securities and whole loan portfolio.

The West Palm Beach-based specialty servicer said the loans and receivables it "boarded" from HomEq came to $22.4 billion, which is $5.6 billion or 20.2% less than the amount disclosed in a June filing with the Securities and Exchange Commission.

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