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Ocwen Financial completes purchase of PHH

Mortgage loan company Ocwen Financial Corp. completed its acquisition of PHH Corp., a subservicer of residential mortgages.

Post-deal, PHH became a wholly owned subsidiary of Ocwen Financial.

Upon merger closing, Ocwen Financial supplemented its senior secured term loan facility to add PHH and PHH Mortgage Corp. as guarantors.

PHH and PHH Mortgage also became guarantors under the Dec. 5, 2016, indenture governing the outstanding 8.375% senior secured second lien notes due 2022 of Ocwen Loan Servicing LLC.