Morgan Stanley completes sale of its mortgage servicing arm to Ocwen Financial Corporation.
On April 2, Ocwen Financial Corporation completed its acquisition of certain mortgage servicing rights (MSRs) and related assets from Saxon Mortgage Services, Inc., the mortgage serving arm of Willkie client Morgan Stanley. Ocwen acquired Saxon for a base purchase price of $73.8 million, which was paid in cash at closing, and acquired approximately $22.2 billion in unpaid principal balance (UPB) of securitized agency and non-agency residential mortgage loans, approximately $9.9 billion of which Ocwen had previously subserviced for Saxon. The transaction also includes Ocwen’s acquisition of Saxon’s subservicing agreements relating to approximately $2.7 billion in UPB of agency and non-agency residential mortgage loans. The deal was announced on October 24, 2011. With more than 1,300 offices in 43 countries, Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services.
The Willkie deal team, led by partners Gregory Astrachan, Rosalind Fahey Kruse and Richard Reinhold and of counsel Michael Petronio, included partners David Drewes, Jeffrey Goldfarb, Ian Levin and Tariq Mundiya; special counsel Catherine Harrington, Jonathan Konoff and Kim Walker; and associates Michael Brandt, Leah Fix, Tyler Ladner, Zachary Lerner, Geri Anne McEvoy, Jordan Messinger, Owen Reidy, Angela Redai, Bonnie Tice and Sarah Woodberry.
Click here for Willkie’s October 25, 2011 Announcement.