Morgan Stanley's Saxon Mortgage was the seller of a $6.9 billion bulk package of residential servicing rights to Ocwen Financial Corp. in West Palm Beach, Fla., industry sources said.
There was no investment banker of record on the transaction. A sale agreement was executed at the end of March but was not disclosed publicly until last week.
Ocwen mentioned the acquisition in an April 5 filing with the Securities and Exchange Commission but provided no details except the sale date, the unpaid principal balance and the number of loans (38,000).
Neither Saxon nor Ocwen returned calls about the sale.
Servicing advisers said that more bulk servicing sales were seen in the first quarter of 2010 than in all of last year.
One of the most closely watched pending deals is the auction of roughly $20 billion in rights belonging to the now-defunct AmTrust Bank of Cleveland. The Federal Deposit Insurance Corp. is selling the package through Milestone Merchant Partners.
