Barclays Bank PLC announced that it has completed the sale of HomEq Servicing to Ocwen Loan Servicing LLC, a subsidiary of Ocwen Financial Corp.(OCN).
On 28 May 2010, Barclays Bank had announced that it has agreed to sell HomEq Servicing, its US mortgage servicing business, to Ocwen Loan Servicing LLC, for a consideration of approximately $1.3 billion, payable in cash on completion.
As part of the transaction, Barclays has agreed to provide Ocwen with approximately $1.0 billion in secured financing and may assist Ocwen in raising additional third party financing.
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