Home Loan Servicing Solutions plans to issue $800 million of securities backed by
The issuer will offer investors two series of notes from its HLSS servicer advance receivables master trust.
Both series are backed by servicer advance and servicing fee advance receivables. The receivables are created through the servicer's advancing obligations under the designated servicing agreements and deferred servicing fees. Servicer advance receivables made on residential mortgage loans are usually repaid at the top of the underlying deal’s waterfall.
Standard & Poor’s has assigned preliminary ratings to the notes. The series 2014-T1 and series 2014-T2 notes will offer notes with preliminary ratings ranging from AAA to BBB, according to the presale report.
Ocwen Financial Corp. formed HLSS to
S&P expects $5 billion of mortgage servicer advance securitizations this year, down from 2013’s $6.5 billion.