PHH closes sale of Freddie MSRs to New Residential

New Residential. On December 28, 2016, the Company entered into an agreement to sell substantially all of its portfolio of MSRs and related advances, excluding the GNMA MSRs pending sale to Lakeview, to New Residential Mortgage LLC ("New Residential"), a wholly-owned subsidiary of New Residential Investment Corporation.

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PHH Completes Sale of Fannie Mae MSRs. Deal is part of strategy to unload entire servicing portfolio. July 5, 2017. By Mortgage Daily staff. As part of its strategy to eliminate its entire mortgage servicing portfolio, PHH Corp. has sold mortgage-servicing rights on its Fannie Mae loans.

In addition, PHH entered into a subservicing agreement with New Residential, pursuant to which PHH will subservice the 480,000 mortgage loans underlying the MSRs to be acquired by New Residential for an initial period of three years, subject to certain termination provisions.

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New Residential buying up all PHH’s MSRs, PHH will subservice for 3 years. According to PHH, it plans to sell its entire portfolio of mortgage servicing rights and related servicing advances to New Residential, excluding the Ginnie Mae portfolio it plans to sell to Lakeview Loan Servicing. Per details provided by PHH, the underlying pool contains 480,000 mortgages with a total unpaid principal balance of $72 billion.

the MSRs and advances committed under our agreement with New Residential Mortgage, LLC ("New Residential") consist of private investor MSRs and related advances and the sale thereof is subject to the approval of multiple counterparties, including private loan investor, trustees and/or client (originations source) approvals, as well as other.

HomeStreet Bank selling $14B in MSRs to New Residential, PennyMac HomeStreet Bank could receive nearly $190 million in total for selling $14 billion in mortgage servicing rights to New Residential and PennyMac, and selling its home loan centers to Homebridge.

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New Residential, through its wholly-owned subsidiary, New Residential Mortgage LLC ("NRM"), has also entered into a forward flow arrangement with Walter to acquire MSRs of newly-originated.

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PHH CORPORATION. In addition, on June 16, 2017, phh mortgage entered into the MSR Portfolio Defense Agreement with New Residential (the "MSR Defense Agreement"), which was a condition to the closing of the initial sale of MSRs under the Sale Agreement. Pursuant to the MSR Defense Agreement, PHH Mortgage will be entitled,