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Morgan Stanley Agrees to Sell Saxon Mortgage Servicer to Ocwen
Oct. 25 (Bloomberg) -- Morgan Stanley, the sixth-largest U.S. bank by assets, will sell its Saxon unit to Ocwen Financial Corp., exiting the mortgage-servicing business it bought before the housing market collapsed.
Ocwen agreed to pay a base price of $59.3 million plus about $1.4 billion for receivables outstanding, Morgan Stanley said yesterday in a statement. The deal is expected to close in 2012’s first quarter and isn’t likely to have a material impact on earnings, New York-based Morgan Stanley said.
Investment banks are selling mortgage servicers they bought before the financial crisis as record defaults drive up costs for billing, collections and foreclosures and make the units less valuable. Ocwen last month completed the purchase of Litton Loan Servicing LP from Goldman Sachs Group Inc. for $263.7 million.
“These transactions demonstrate yet again Ocwen’s strong growth prospects as consolidation of private-label servicing continues and demand increases for specialty servicing,” Ocwen Chairman William Erbey said in a separate statement. “We remain bullish on our growth prospects into 2012.”
Finance Articles ยป Tips On New York Mortgage Refinance Loan
Many homeowners want to know if it worth taking a New York mortgage refinance. How do you know if New York mortgage refinancing makes sense in your case? Read on to understand when you should refinance and how to go about doing it.
When you take up a New York mortgage refinance loan, you pay off the old mortgage and take up a new one. That means you pay similar costs such as discount points, settlement costs and other fees as in your old mortgage. The total cost of a New York mortgage refinance would depend on the interest rate,number of points, and other costs like appraisal and attorney’s fees needed to get a loan.Many mortgage lenders advertise lowest rates for New York mortgage refinancing.
This is possible because the lender charges several points on the loan and the total cost comes to around 3 to 6 percent of the total amount you borrow. Other lenders may offer no points but higher interest rates. While this reduces the initial costs of the New York home loan refinance,the payments become higher.
The amount you save on a refinance depends on a number of factors like the total refinancing costs, whether you sell your home in the near future and the effects of mortgage refinancing in New York on your taxes. Do not take a New York mortgage refinance loan unless the refinance interest rate is at least 2 percent points less than the old mortgage.
Some lenders in New York offer low cost refinancing options with no points. Such programs may help save a considerable amount.At closing, you may be required to pay settlement costs. These costs may include loan application fees, title search, appraisal, loan origination,credit check, attorney’s services, recordation fees or transfer taxes.
Ask the lender for the complete list of charges that you need to pay while closing a New York mortgage refinance.If you take up a low interest refinance,there will be less interest to deduct on your tax returns.This increases your tax payments and reduces the savings you may receive from a lower interest New York home loan refinance.
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