Judging Ocwen's Acquisition of PHH, 1 Year Later
Ocwen Financial (NYSE: OCN) is a non-bank financial company that services housing loans in the U.S. residential mortgage market. Ocwen's focus is on the market for housing loans that are in foreclosure or have borrowers with sub-prime status (lower credit scores).
Ocwen has had trouble growing its business because of the backdrop of a strong residential housing market. There are simply fewer mortgage loans in foreclosure for Ocwen to service. To spark growth in its loan portfolio, Ocwen acquired mortgage servicing peer PHH in a deal that closed in October 2018.
One year later, we can now judge how the acquisition of PHH has initially panned out.
Source Fool.com
