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Ocwen Financial (NYSE: OCN ) has added a new company to its asset base. The mortgage-services company has acquired reverse-mortgage specialist Liberty Home Equity Solutions from Genworth Financial (NYSE: GNW ) . Neither the terms nor the price of the acquisition was released.
According to Ocwen, the change in ownership will not affect the business of its new subsidiary. In the press release announcing the deal, Ocwen said that "Liberty will continue to offer reverse mortgages through direct, wholesale, and correspondent channels."
The company went on to quote its CEO Ronald Faris as saying of its purchase that "we believe this promising market offers enormous long-term growth potential, and this purchase positions Ocwen to capture that growth."