Ocwen Financial Corp. has completed its acquisition of a reverse mortgage lender that originated more government-insured reverse mortgages last month than any other company.
In October, Atlanta-based Ocwen disclosed in a filing with the Securities and Exchange Commission that it had reached an agreement to acquire Genworth Financial Home Equity Access Inc. from Genworth Financial Corp.
At that point, Genworth Financial Home Equity was the third-largest originator of home-equity conversion mortgages with 4,407 HECMs endorsed by the Federal Housing Administration during the 12 months ended Sept. 30, 2012.
Genworth Financial Home Equity subsequently changed its name to Liberty Home Equity Solutions Inc.
Last month, Liberty ranked as the biggest HECM lender with 857 reverse mortgage endorsed, up from 681 in February, according to data reported by Reverse Market Insight. March marked the best month on record for the business since it first appeared on the HECM report in 2010.
Ocwen has become of the proud owner of Liberty.
In a news release Wednesday, Ocwen said it has completed the acquisition of Sacramento, Calif.-based Liberty.
The announcement indicated that Liberty will continue to originate reverse mortgages through retail, wholesale and correspondent channels.
“We believe this promising market offers enormous long-term growth potential, and this purchase positions Ocwen to capture that growth,” Ocwen Chief Executive Officer Ronald M. Faris said, in the statement.
