New Residential Investment (“NRZ”) announced a transaction with Ocwen Financial (“OCN”) in which it will acquire full ownership of $117 billion of UPB of mortgage servicing rights from OCN. NRZ would gain control of all the “downstream services”, including REO sales and other default-related services, we believe, the lifeblood of Altisource Portfolio Solutions’ (“ASPS”) cash flows.
What affects Altisource also affects it’s Mortgage Order Mills (MOMs) and their subcontractors. Don’t be walking with Altisource and get run over by a bus. That could really ruin your day. Altisource stock holders are very worried as the stock has tanked.