RMS will sell a portfolio of reverse mortgage services

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Under the terms of the deal, RMS will hand over to PHH the reverse mortgage sub-service contracts it currently serves. As of March 31, RMS had serviced about 35,000 reverse mortgages, or about $ 7.8 billion in outstanding principal.

The deal will also result in PHH taking over the vast majority of RMS and REO backhaul staff. PHH will become a subcontractor under a five-year reverse mortgage agreement owned by RMS and MAM.

The acquisition is expected to close in the third quarter of 2021 and is still subject to certain post-close adjustments, regulatory approvals and other normal closing conditions.

“Our Liberty reverse mortgage platform is one of the leading reverse mortgage lenders in the industry and we believe this deal complements our existing capabilities and further strengthens our leadership position. We look forward to the completion of this transaction, welcome the RMS team, customers and customers to the Ocwen / PHH family and continue our long-term partnership with Waterfall, ”Messina said.

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