Ocwen Financial Corporation (NYSE:OCN) has announced plans to separate its knowledge-based business process outsourcing operation, Ocwen Solutions, in a spin-off to OCN shareholders. Once the tax-free transaction is completed, Ocwen Solutions will be a separate publicly traded company. A registration statement is intended to be filed by March 31, 2009, and Ocwen expects to target the second quarter of 2009 for the completion of the spin-off.
Ocwen Solutions serves the mortgage and consumer finance industries through three business segments: Mortgage Services, Technology Products and Financial Services. These businesses provide knowledge-based outsourcing and technology services across the mortgage lifecycle, as well as receivables and customer relationship management solutions to consumer finance and other companies.
