Wells Fargo to Sell Ocwen Rights on $39 Billion of Mortgages
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Wells Fargo & Co., the biggest U.S. home lender, agreed to sell about 2 percent of its residential servicing portfolio to Ocwen Financial Corp. as new rules drive down returns.
The sale covers about 184,000 loans with a principal balance of $39 billion, San Francisco-based Wells Fargo said today in a statement. Terms weren’t disclosed and the effect won’t be material, according to the statement.