Ocwen Financial Corp. is on the verge of closing on its acquisition of ailing PHH Mortgage Corp. Regulatory approval of the transaction specifies the type of servicing platform Ocwen can use.

A filing Friday with the Securities and Exchange Commission indicated that all regulatory, governmental entity and contractual approvals needed to close the transaction have been obtained.

The deal for West Palm Beach, Florida-based Ocwen to acquire PHH was originally disclosed in February. Ocwen noted at the time that the increase in size and scale should create various strategic and financial benefits.

Source: Mortgage Daily