Ocwen Loan Servicing LLC’s mortgage servicing portfolio is projected to surpass $0.5 trillion in the next several months.
Parent Ocwen Financial Corp. said in its second-quarter earnings report that its mortgage servicing portfolio, including servicing on real-estate-owned assets, closed out June at $436 billion.
The servicing portfolio has grown significantly since the end of 2009, when it stood at just $50 billion.
But the rapid growth doesn’t have Moody’s Investors Service worried.
The New York-based ratings agency said Wednesday that it is maintaining Ocwen’s subprime servicer quality rating at SQ2-. The same goes for its special servicer rating.
However, rapid growth concerns do have Moody’s leaving Ocwen’s ratings on review for a possible downgrade.
Moody’s noted that once Ocwen completes its acquisition of mortgage servicing rights from OneWest Bank, FSB — which Ocwen previously noted would close within the next several months — Ocwen’s servicing portfolio will exceed $518 billion.
