PHH closes sale of Freddie MSRs to New Residential
Commitments to sell MSRs include: (i) private investor MSRs that are committed under a sale agreement with New Residential dated December 28, 2016; (ii) agreements to sell a portion of the Company’s newly-created MSRs to third parties through flow-sale agreements, where the Company will have continuing involvement as a subservicer; or (iii) agreements for small portfolio sales of existing MSRs, consistent.
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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 CORPORATION (NYSE:PHH) Files An 8-K Entry into a Material Definitive Agreement Item 1.01 Entry into a Material Definitive Agreement. On June16, 2017, PHH Mortgage Corporation, a New Jersey.
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.
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Approximately 47% of these loans (by UPB) are owned, insured or guaranteed by Fannie Mae, Freddie. MSRs related to all existing forward residential mortgage loans transferred to a third party in a.
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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.
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.
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