PHH closes sale of Freddie MSRs to New Residential

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.

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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 Mortgage Corporation was formerly known as Cendant Mortgage. The company was founded in 1977 and is headquartered in Mount Laurel, New Jersey. It has additional offices in Dallas and Hou.

PHH Corp. (PHH) Sells non-GNMA Mortgage Servicing Rights Portfolio to New Residential Investment (NRZ) The MSR proceeds exclude estimated transaction fees and expenses of approximately five percent of MSR value, and represent a valuation of 84 basis points on total UPB of $72 billion as of October 31, 2016.

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.

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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.

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.

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