Ocwen Financial Corp. (OCN) won a $3 billion auction for Residential Capital LLC’s loan-servicing unit, beating Nationstar Mortgage Holdings Inc. (NSM), to become at least the fifth-largest U.S. mortgage servicer. Ocwen will become the biggest non-bank in the mortgage- servicing industry, a business that becomes more profitable with greater scale, according to Wilbur Ross, who sold his Homeward Residential Holdings Inc. to Ocwen this month.
He paid $750 million in cash and convertible preferred stock and has a continuing stake in the firm. Ocwen teamed up for the ResCap bid with Walter Investment Management Corp. (WAC)
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