This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ocwen Loan Servicing Announces Pricing For Private Offering Of Ocwen Asset Servicing Income Series ("OASIS") Notes

ATLANTA, Feb. 21, 2014 (GLOBE NEWSWIRE) -- Ocwen Loan Servicing, LLC (the "Company"), a wholly owned subsidiary of Ocwen Financial Corporation, (NYSE:OCN), a leading financial services holding company, today announced that it has priced the offering of the Ocwen Asset Servicing Income Series ("OASIS") program. The securities, OASIS Series 2014-1 (the "Notes"), are secured by the Company's mortgage servicing rights relating to $11.8 billion in unpaid principal balance of Freddie Mac 30-Year fixed rate mortgages (the "Reference Pool"). The Company estimates that the gross proceeds from the Notes offering will be approximately $123.5 million.

OASIS is an agency MSR financing program whereby the Company issues notes backed by individual closed-end pools of agency MSRs that are owned by the Company. Noteholders of this first OASIS issuance will be entitled to receive monthly payments from the Company in an amount equal to 21 basis points per annum on the stated principal balance of the Reference Pool and a final payment on the stated maturity date in February 2028 that is also based on the then stated principal balance of the Reference Pool. The average servicing fee for the Reference Pool at the closing date is 31 basis points per annum. Through the OASIS program, the Company achieves match funded financing of the related agency MSRs for fourteen years and limits its exposure to prepayment volatility.

The Notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or pursuant to an applicable exemption from the registration requirements of the Securities Act.

The Notes will be offered only to qualified institutional buyers under Rule 144A of the Securities Act and to certain non-U.S. persons in transactions outside the United States under Regulation S of the Securities Act.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs