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Volume 2014 - Number 8

February 28, 2014

Ocwen Comes to Market with a Unique Animal: A Bond Backed by Agency Servicing Rights

Ocwen Financial, the largest nonbank servicer in the nation, recently came to market with a unique security: a bond collateralized by residential servicing rights on Freddie Mac loans. However, it remains to be seen whether the deal will be replicated by others. The bond -- Ocwen Asset Servicing Income Series 2014-1 -- is expected to raise $123.5 million in a private placement. The reference pool is $11.8 billion. Monthly payments to investors will be...

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.



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With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

Do you think your shop will loosen standards over the coming three months?

Yes, but not by much.
Yes, by a lot.
Yes and, heck, we may even do non-QM lending.
No, not at all.
No and we may even tighten credit.

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