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Ocwen Buys Liberty Home Equity From Genworth

By Eric Volkman - Apr 3, 2013 at 5:55PM

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The mortgage-services firm takes a reverse-mortgage provider off Genworth's hands.

Ocwen Financial (OCN 0.61%) 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 (GNW -1.01%). 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."

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Stocks Mentioned

Genworth Financial, Inc. Stock Quote
Genworth Financial, Inc.
GNW
$3.92 (-1.01%) $0.04
Ocwen Financial Corporation Stock Quote
Ocwen Financial Corporation
OCN
$23.11 (0.61%) $0.14

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