Home Loan Servicing Solutions (HLSS), a newly formed Cayman Island corporation controlled by Ocwen CEO Bill Erby, plans to sell 18.3 million shares in its IPO, raising $316.3 million from investors.

According to recently filed details on the IPO, HLSS not only will buy nonprime MSRs in the secondary market but intends to “purchase substantially all of the remaining mortgage servicing rights currently owned by Ocwen Loan Servicing…”

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