PHH closes sale of Freddie MSRs to New Residential

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New Residential inks msr purchase deal with PHH Corp. Also part of the deal, PHH will subservice the mortgages (480K of them) underlying the purchased MSRs for an initial period of three years. The deal is expected to close in H1. For PHH’s part, it sold the MSRs for about 84 basis points of the UPB, and the $912M in proceeds will be used.

In December 2016, New Residential agreed to acquire approximately $72.0 billion UPB of Agency and private-label MSRs and related servicer advances from PHH Mortgage Corporation for a purchase.

New Residential Investment. final approval from Fannie Mae, Freddie Mac and the usual regulatory bodies. The deal excludes the Ginnie Mae MSRs and related servicing advances that were part of the.

GENERAL New Residential. ("PHH") to purchase the MSRs and related Servicer Advances with respect to approximately $72.0 billion in total UPB of seasoned Agency and private-label residential.

 · New Residential Announces Purchase of Mortgage Servicing Rights from PHH. Concurrently with the Purchase Agreement, NRM entered into a subservicing agreement with PHH Mortgage, pursuant to which PHH Mortgage will subservice the mortgage loans underlying the MSRs acquired by NRM. “We are very excited to announce this transaction.

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New risks and uncertainties emerge from time to time, and it is not possible for New Residential to predict or assess the impact of every factor that may cause its actual results to differ from.

 · Back in December 2016, Mount Laurel, New Jersey-based PHH disclosed plans to sell its MSRs on $72 billion in loans to New Residential Mortgage LLC. PHH indicated at the time that a subservicing agreement with New Residential has it subservicing 480,000 loans underlying the MSRs for an initial period of three years.

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PHH to Sell Remaining MSRs for $912M | American Banker – PHH is selling its remaining residential mortgage servicing portfolio to the real estate investment trust New Residential.. PHH to Sell Remaining MSRs for $912M BB&T and SunTrust vow to minimize employee, client defections.

According to a filing with the U.S. Securities and Exchange Commission on Monday, PHH Mortgage Corporation has closed the sale of nearly its entire Freddie Mac portfolio of mortgage servicing rights.

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