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.
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.
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NEW YORK, Dec 28, 2016 (BUSINESS WIRE) — New Residential Investment Corp. NRZ today announced it has entered into an agreement (the "Purchase Agreement"),
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.
PHH Mortgage Corporation was formerly known as Cendant Mortgage. The company was founded in 1977 and is headquartered in Mount Laurel, New Jersey. It has additional offices in Dallas and Hou.
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.Why lenders should jump at new, easier fix for back pay disputes Maybe I’m not being fair to the lenders. I had bad credit because I wasn’t able to make payments on credit cards and rental property mortgages. Why should they think I was going to pay this new loan back? Banks aren’t in the ‘helping you out’ business. They’re in the business of lending money and getting it back with interest.
PHH Corp. (PHH) Sells non-GNMA Mortgage Servicing Rights Portfolio to New Residential Investment (NRZ) The MSR proceeds exclude estimated transaction fees and expenses of approximately five percent of MSR value, and represent a valuation of 84 basis points on total UPB of $72 billion as of October 31, 2016.
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Additional First quarter 2019 Business Highlights — We closed MSR acquisitions with $5 billion of unpaid principal balance (UPB) and we have been awarded $26 billion in UPB of MSRs that that we.
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