Ocwen Completes Purchase of Nation’s Biggest Reverse Mortgage Lender

""Ocwen Financial Corporation"":http://www.ocwen.com/index announced the closing of its deal to acquire the country's largest reverse mortgage lender.

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The Atlanta-based financial services holding company announced in October it had entered into an agreement with ""Genworth Financial Corporation"":https://www.genworth.com/#tab1-tab to purchase ""Liberty Home Equity Solutions"":http://libertyhomeequity.com/, at the time known as Genworth Financial Home Equity Access. The purchase price was approximately $22 million.

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Ocwen CEO Ron Faris expressed his excitement in the company's third-quarter earnings report, saying the deal ""positions [Ocwen] well in a market with enormous future growth potential.""

He maintained that outlook in the company's recent announcement.

""Liberty is the industry leader in helping seniors secure their retirement with strong customer-service and superior quality. We believe this promising market offers enormous long-term growth potential, and this purchase positions Ocwen to capture that growth,"" Faris said.

""We are very excited to complete this transaction and become a part of one of the largest mortgage servicing and origination companies in the industry,"" said Pete Engelken, president of Sacramento-based Liberty. ""Together we will be able to help even more seniors with home equity retirement income solutions, including FHA [Federal Housing Administration] and proprietary products.""