Mr. Erbey owns 25.5% of Altisource and 2.8% of HLSS, in addition to his 13.2% ownership of Ocwen's common stock, according to company stock ownership filings.

WSJ: Ocwen's Rapid Growth Puts Spotlight on Its Practices

He said the company is domiciled in the Caymans so it would receive similar tax treatment to a REIT, and that all transactions between HLSS and Ocwen are done at a fair market-value price.

WSJ: Ocwen's Rapid Growth Puts Spotlight on Its Practices

John Van Vlack, the president of HLSS, said in an interview that the dividend payout was intended to be similar to those of real-estate investment trusts or business development companies, to attract similar kinds of income-seeking investors, which help keep capital costs low if the company goes back to the market for additional fundraisings.

WSJ: Ocwen's Rapid Growth Puts Spotlight on Its Practices