Ocwen Financial is set to become the eighth largest mortgage servicer with its pending acquisition of Homeward Residential, according to an analysis by Inside Mortgage Finance. While the combined servicing portfolio will largely consist of nonprime mortgages, Ocwen is also looking to benefit from Homeward’s relatively new wholesale origination platform, which has produced a significant amount of agency mortgages this year. Ocwen announced last week that it plans to acquire Homeward and its servicing portfolio of more than $77.0 billion for $588 million in cash and $162 million in Ocwen stock. On a combined basis, including subservicing, the two companies serviced $202.0 billion in mortgages as of the end of the second quarter of 2012. “We are...