Aegis Mortgage granted court OK for loan servicing rights sale

By Jennifer Lanning Drey

Portland, Ore., May 13 - Aegis Mortgage Corp. was granted court approval to sell loan servicing rights covering eight mortgage loan pools to Ocwen Loan Servicing LLC.

The approval was granted Tuesday by the U.S. Bankruptcy Court for the District of Delaware.

Under the approved purchase agreement, Ocwen will pay a purchase price based on a percentage of the unpaid principal balance of the related mortgage loans as of April 30, plus all outstanding included advances and $50,000.

Aegis has five days to submit the related data to Ocwen under the purchase agreement.

Under the bidding procedures related to the sale, all bids at auction were required to be for at least $3 million plus the amount necessary to pay services advances paid on the loans.

Aegis Mortgage, a Houston-based mortgage production franchise, filed for bankruptcy on Aug. 13. Its Chapter 11 case number is 07-11119.

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