Ocwen Financial looks to spin off Ocwen Solutions

By Lisa Kerner

Charlotte, N.C., Nov. 18 - Ocwen Financial Corp.'s board of directors authorized the pursuit of a plan to separate most of the business operations of Ocwen Solutions into a newly formed, publicly traded company.

The separation would be completed through a tax-free spinoff that doesn't require Ocwen shareholder approval, according to a form 8-K filed with the Securities and Exchange Commission.

Ocwen said the spinoff is conditioned on regulatory approvals and the effectiveness of a registration statement that the company expects to file on or about March 31.

Based in West Palm Beach, Fla., Ocwen is a business process outsourcing provider to the financial services industry that specializes in loan servicing, mortgage fulfillment and receivables management services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.