Ocwen Financial, the largest independent mortgage-loan servicer, has been buying up competitors, and investors in RMBS that pool loans that have been serviced by those competitors may see their interest on those bonds deferred for months, if not years.

Most recently, Ocwen teamed up with Walter Investment Management and beat out competitor Nationstar Mortgage in the bankruptcy-sponsored auction for Residential Capital’s (ResCap) mortgage servicing and origination platform. In early October, the Atlanta-headquartered company announced that it was buying Homeward Residential from WL Ross & Co., and other recent purchases have included mortgage servicing operations run by Morgan Stanley (Saxon Mortgage Services) and Goldman Sachs (Litton Loan Servicing).

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