Wells Fargo Cancels Sale of Mortgage-Servicing Rights to Ocwen
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Wells Fargo & Co.’s deal to sell $39 billion of residential mortgage-servicing rights to Ocwen Financial Corp. was canceled by mutual agreement after New York’s top financial regulator delayed the transaction.
The termination isn’t expected to have a material impact on Wells Fargo’s financial results, the San Francisco-based company said yesterday in a statement. Ocwen said in a separate regulatory filing that it will get back its $25 million deposit.