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PHH closes sale of Freddie MSRs to New Residential

A new theme. of Fannie Mae MSRs from Residential Capital and Bank of America. They also took advantage of a corporate development opportunity to acquire the MetLife Bank servicing platform and.

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 (MSR) to New Residential Mortgage, LLC-about 81,500 loans. New Residential picked up the portfolio for approximately $110 million.

PHH Corporation (NYSE: PHH) (“PHH” or the “Company”) today announced financial results for the quarter ended March 31, 2018 and provided an update on the proposed merger with Ocwen.

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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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 · Former PHH CEO to run Ocwen once it acquires. PHH. As part of that plan, Messina was replaced by Chief Financial Officer Robert Crowl in June. PHH lost $217 million last year, $202 million in 2016 and $145 million in 2015, as it was never.

Although yesterday was a Federal holiday and we should have all had the day off, the number of residential. forms! PHH noted that, "FHLMC Relief Refi Open Access loans with an application date.

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.

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In the filing, PHH said that the closing of this sale constituted the initial sale of MSRs under its agreement with New Residential. When phh initially announced the deal in December, it said it planned to sell the servicing rights on 480,000 mortgages with a total unpaid principal balance of $72 billion to New Residential.