New Residential closes purchase of PHH’s Fannie MSRs

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New Residential expects to fund the acquisition in two stages with a combination of cash and existing financing lines (1) New Residential plans to fund the $190 million purchase price with existing capital and financing lines Cash on balance sheet – NRZ has 0 million cash as of 3Q17

New Residential Investment Corp. (NYSE:NRZ, "New Residential") and ocwen financial corporation (nyse:ocn, "Ocwen") today announced the companies have signed definitive agreements for the transfer of Ocwen’s interest in mortgage servicing rights ("MSRs") and subservicing relating to approximately $110 billion UPB (1) of non-agency MSRs (2).

PHH CORPORATION (NASDAQ:PHH) Files An 8-K Entry into a Material Definitive Agreement Item 1.01. Entry into a material definitive agreement. agreement for the Purchase and Sale of Servicing Rights.

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In return, New Residential will be making an equity investment into Ocwen in the form of a common stock purchase for the price of $13.9 million. That amount is equal to 4.9 percent of Ocwen’s.

New Residential Investment Corp. is acquiring PHH Mortgage Corp.’s entire mortgage servicing rights (MSR) portfolio for about $612 million. The portfolio, which has about $72 billion in unpaid principal balance, consists of a mix of seasoned agency and private-label MSRs. In addition, New Residential will purchase approximately $300 million of servicer advances from PHH Mortgage.

Mortgage Servicer Ocwen Inks Major MSR Deal With New Residential. By.. Upon the transfer of the MSRs to New Residential, New Residential has agreed to make an equity investment of approximately $13.9 million to purchase approximately 4.9% of Ocwen’s common equity.

("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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The Women Of Brewster Place The acquisition is subject to employee and branch-office state licensing requirements and closing conditions. The deal is expected to close in the second quarter of 2019. HomeStreet has sold $9.9 billion of single-family mortgage servicing rights in securities guaranteed by Fannie Mae and Freddie Mac to New Residential Mortgage LLC.