PHH closes sale of Freddie MSRs to New Residential

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.

New Residential Investment Corp., the largest subservicing client of both Ocwen and PHH, has already given its blessing. Other secondary mortgage market participants, including Fannie Mae, Freddie Mac, Ginnie Mae and private-label securitizers that work with the servicers will also have to approve the deal.

 · On December28, 2016, PHH Corporation (PHH, the Company, we or our) announced that it entered into an Agreement for the Purchase and Sale of.

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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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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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Moves closer to complete sale of MSR portfolio. 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.

We undertake no obligation to update these statements as a result of new information or future events. which should be very good for Altisource. With respect to MSRs acquired by NRZ from Ocwen, we.

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.

PHH CORPORATION. In addition, on June 16, 2017, PHH Mortgage entered into the MSR Portfolio Defense Agreement with New Residential (the "MSR Defense Agreement"), which was a condition to the closing of the initial sale of MSRs under the Sale Agreement. Pursuant to the MSR Defense Agreement, PHH Mortgage will be entitled,

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