Ocwen Financial Corp. is negotiating a deal that would eliminate its interest in mortgage servicing rights on more than $100 billion in loans.

MSRs on approximately $117 billion in residential loans are at the heart of the potential transaction, which was announced on Monday.

The buyer in the deal is New Residential Corp., which will convert its existing rights on the MSRs to fully owned MSRs, according to the statement.

Source: Mortgage Daily