NEW YORK (TheStreet) -- Shares of Ocwen Financial Corp. (OCN) - Get Report are higher by 5.97% to $9.05 at the start of trading on Tuesday morning, following the financial services company's announcement that it has signed a letter of intent with an undisclosed buyer on the sale of mortgage servicing rights on a portfolio made up of approximately 277,000 performing agency loans owned by Fannie Mae (FNMA) with a total unpaid principal balance of approximately $45 billion.

This announcement follows one made by Ocwen last week in which it said it would sell servicing rights on $9.8 billion of loans supported by Freddie Mac (FMCC) , Reuters reports.

In the statement released on Monday afternoon Ocwen said that it was on track to sell servicing rights on agency loans of close to $55 billion, which includes the Fannie Mae and Freddie Mac transactions, in the next six months in an effort to raise almost $550 million.

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Ocwen also gave an update on its fourth quarter financial results saying it is still expecting to report a loss for the quarter and fiscal year.

Ocwen said it is anticipating that its fourth quarter results will be impacted by a $370 million to $420 million non-cash charge write-off goodwill, and the creation of a $15 million reserve to its remediation plan to address issues regarding "certain erroneously dates borrower correspondence."

Separately,TheStreet Ratings team rates OCWEN FINANCIAL CORP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:

"We rate OCWEN FINANCIAL CORP (OCN) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• Net operating cash flow has significantly increased by 143.32% to $348.99 million when compared to the same quarter last year. In addition, OCWEN FINANCIAL CORP has also vastly surpassed the industry average cash flow growth rate of -57.00%.
• Regardless of the drop in revenue, the company managed to outperform against the industry average of 6.1%. Since the same quarter one year prior, revenues slightly dropped by 2.9%. Weakness in the company's revenue seems to have hurt the bottom line, decreasing earnings per share.
• The company's current return on equity has slightly decreased from the same quarter one year prior. This implies a minor weakness in the organization. When compared to other companies in the Thrifts & Mortgage Finance industry and the overall market, OCWEN FINANCIAL CORP's return on equity is below that of both the industry average and the S&P 500.
• Despite any intermediate fluctuations, we have only bad news to report on this stock's performance over the last year: it has tumbled by 73.40%, worse than the S&P 500's performance. Consistent with the plunge in the stock price, the company's earnings per share are down 248.71% compared to the year-earlier quarter. Although its share price is down sharply from a year ago, do not assume that it can now be tagged as cheap and attractive. The reality is that, based on its current price in relation to its earnings, OCN is still more expensive than most of the other companies in its industry.
• You can view the full analysis from the report here: OCN Ratings Report