Home Loan Servicing Solutions (NASDAQ:HLSS) acquires and owns mortgage servicing rights. By acquiring them, HLSS has a number of rights, including the right to collect the mortgage payments and forward them to the lender. However, HLSS does not plan to develop its own loan servicing platform nor does it own the loans. As a result, it does not undertake the risk of the loss of payment.
Home Loan Servicing Solutions was created in order to file an IPO. As a result, the company did not have any historical revenue figures at the time of its IPO. However, the company is a spin off of Ocwen Financial (OCN). 
The company's initial public offering of stock on the NASDAQ occurred on February 28, 2012. The company offered 13.3M shares each for $14. This was at the low end of the initial price range of $14-$16. The lead mangers of the deal were Wells Fargo, Barclays, Citigroup, and Deutsche. 
In order to purchase pooling and loan servicing rights, a company must often get the approval of a number of parties involved. This includes rating agencies, the master servicer, insurers of the bond, and others. If Home Loan Servicing Solutions is unable to achieve this consent, it will be unable to effectively operate.