("MSRs") – As part of the acquisition, New Residential will first settle on approximately $8 billion UPB of Fannie Mae and Freddie Mac MSRs from Shellpoint. Between such settlements and the closing of the corporate acquisition described below, the $8 billion UPB of Agency MSRs will be subserviced by Shellpoint.
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Or to put another way excess MSRs allow New Residential to buy a slice of the cash flow coming off residential. Non-agency RMBS are not ensured by Fannie, Freddie or Ginnie Mae, and thus are higher.
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Under the terms of the APA, subject to certain conditions, New Residential has agreed to purchase, among other assets, Ditech Financial’s forward Fannie Mae, Ginnie Mae and non-agency mortgage servicing rights ("MSRs"), with an aggregate unpaid principal balance of approximately $63 billion as of March 31, 2019, the servicer advance receivables relating to such MSRs and other net assets core to the forward origination and servicing businesses.
The purchase will make Nationstar the nation’s seventh largest servicer overall with receivables of close to $170 billion, according to figures compiled by ASR sister publciation national mortgage News and the Quarterly Data Report. Last month NMN broke the news that Nationstar was likely to buy the ALS MSRs. The sale was announced Tuesday morning.
I. Settlements on Approximately $8 Billion UPB of Fannie Mae & Freddie Mac Mortgage Servicing Rights ("MSRs") – As part of the acquisition, New Residential will first settle on approximately $8 billion UPB of Fannie Mae and Freddie Mac MSRs from Shellpoint. Between such settlements and the closing of the corporate acquisition described.
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GENERAL New Residential. in Excess MSRs completed as of December 31, 2013. Summary of Direct Excess MSR Investments as of December 31, 2013 MSR Component (A) Excess MSR Commitment/ Initial Current.