Ocwen Financial Corp. has agreed to buy PHH Corp., a Mount Laurel mortgage servicer and one of Burlington County's largest employers, for $360 million in cash, PHH said Tuesday. The per-share price of $11 represents a 24 percent premium over PHH's close Monday.

The decision by PHH to sell the company followed "a comprehensive assessment of the risks and opportunities associated with operating the business an the strategic opportunities available to us," said Robert B. Crowl, PHH's president and chief executive. The deal is expected to close in the second half of this year.

Ocwen, one of the nation's largest mortgage companies, has an office in Fort Washington, according to its latest annual report. Both Ocwen, which is based in West Palm Beach, Fla., and and PHH have had repeated run-ins with regulators.  PHH agreed last month to pay $45 million to settle allegations that it improperly serviced mortgages between 2009 and 2012.