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Ocwen to Buy Rights to Service $78 Billion of Mortgages

Ocwen Financial Corp., a provider of loan and asset-management services, agreed to buy contracts to handle payment collections on about $78 billion of mortgages from OneWest Bank FSB.

The servicing rights are being purchased for $2.53 billion, Ocwen said today in a U.S. Securities and Exchange Commission filing. The deal is likely to be completed by the end of the year, the West Palm Beach, Florida-based company said.