PHH closes sale of Freddie MSRs to New Residential

PHH Corp. (PHH) Sells non-GNMA Mortgage Servicing Rights Portfolio to New Residential Investment (NRZ) Article Related Press Releases ( 1 ) Stock Quotes (2) Comments (0) FREE Breaking News Alerts.

 · Investments lending servicing phh selling off entire mortgage servicing rights portfolio New Residential buying up all PHH’s MSRs, PHH will subservice for 3 years

Mortgage applications drop for second consecutive week NEW YORK, Feb 18 (Reuters) – U.S. mortgage rates dropped for a second consecutive week, remaining below 5.0 percent, a key level that may boost home loan demand, a closely watched mortgage survey.

New Residential (NYSE:NRZ) agrees to buy about $72B UPB of seasoned agency and private-label MBS from phh corp. (nyse:phh) for roughly $612M. Alongside, NRZ will buy about $300M of servicer.

 · I mentioned to my cat Myrtle that a) I was heading to New York for the secondary conference, which garnered no reaction, and b) that Grumpy Cat was “no longer with us,” which caused her to sniff and stare into the distance.Speaking of the conference, folks will be watching the LTV ratio (lender to vendor) as this has been dropping in recent years.

In December 2016, New Residential agreed to acquire approximately $72.0 billion UPB of Agency and private-label MSRs and related servicer advances from PHH Mortgage Corporation for a purchase.

New Residential, through its wholly-owned subsidiary, New Residential Mortgage LLC ("NRM"), has also entered into a forward flow arrangement with Walter to acquire MSRs of newly-originated.

The purchase netted NRZ $8 billion UPB of Fannie Mae and Freddie Mac MSRs from Shellpoint in January. in the space has allowed the company to pounce and acquire new MSRs at times, at fire-sale.

PHH Closes On Sale of MSRs. Deal first announced in December. June 19, 2017. By Mortgage Daily staff. A previously announced agreement for PHH Corp. to sell mortgage servicing right on government-sponsored enterprise residential loans has been executed.

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New Residential. On December 28, 2016, the Company entered into an agreement to sell substantially all of its portfolio of MSRs and related advances, excluding the GNMA MSRs pending sale to Lakeview, to New Residential Mortgage LLC ("New Residential"), a wholly-owned subsidiary of New Residential Investment Corporation.

PHH is selling its remaining residential mortgage servicing portfolio to the real estate investment trust New Residential. The $72 billion portfolio includes a mix of private-label mortgages and mortgages insured by Fannie Mae and Freddie Mac. It excludes Ginnie Mae-insured mortgages that PHH.

New-home sales declined more than forecast in December The numbers: New-home sales ran at. The median sales price in December was $318,600, 7% lower than a year ago. At the current pace of selling, it would take 6.6 months to exhaust available supply,