PHH closes sale of Freddie MSRs to New Residential

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 is selling its remaining residential mortgage servicing portfolio to the real estate investment trust New Residential. The $72 billion portfolio includes a mix of private-label mortgages and mortgages insured by Fannie Mae and Freddie Mac.

 · Upon the receipt of cash for MSRs transferred to New Residential, we recognized a Mortgage servicing rights secured liability on our balance sheet, and we continued to.

 · On June 16, 2017, the Company closed the sale of substantially all of the Freddie Mac portion (the “freddie mac msr portfolio“) of PHH Mortgage’s portfolio of mortgage servicing rights (“MSRs”) as of October 31, 2016 (excluding the Ginnie Mae MSRs that were part of the sale transaction announced in November 2016) (the “MSR Portfolio”), to New Residential under the Sale Agreement,

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In addition, New Residential will purchase approximately $300 million of servicer advances from PHH Mortgage. In effect, PHH will become a subservicer for New Residential. As per the deal between the two companies, PHH will subservice the 480,000 loans underlying the MSRs to be acquired for an initial period of three years, subject to certain termination provisions.

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The improvement in our cash position was driven largely by the sale of MSRs and servicing. develop the PHH 2.0 business model. One, obtaining the necessary consents to close the remaining MSR and.

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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 · Our owned MSR at the end of the third quarter is comprised of $38 million of MSRs that are committed for sale to new residential, $5 million that are.

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