Ocwen Financial Corp. is in talks to sell a nearly 5% stake to its biggest client, New Residential Investment Corp., as part of a deal that would finalize a long-expected sale of mortgage servicing rights.

The deal would seem to put to rest questions about whether New Residential would pull its massive $117 billion subservicing portfolio from Ocwen and move it to another servicer — such as Nationstar Mortgage Holdings, which like New Residential, has ties to the private equity firm Fortress Investment Group. With an equity stake in Ocwen, New Residential would have an incentive to ensure the servicer remains in business.

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