Kerri Ann Panchuk, Housing Wire

Mortgage servicer Ocwen Financial Corp. ($35.75 0%) has finalized its acquisition of Homeward Residential Holdings Inc., a company organized by private equity firm WL Ross & Co. in 2007.

In a securities filing, Ocwen said it paid $243 million plus the book value amount of Homeward and its subsidiaries, making the aggregate purchase amount reach $766 million. About $604 million was paid in cash, Ocwen said in a securities filing. Another $162 million was paid in preferred stock.

The two firms announced the planned acquisition back in October when Ocwen said it would pay approximately $588 million in cash and $162 million in convertible preferred stock for Homeward Residential Holdings Inc. and its loan servicing and origination subsidiaries.

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