New Residential closes purchase of PHH’s Fannie MSRs

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NEW YORK. the MSRs on residential mortgage loans having an aggregate unpaid principal balance of approximately $40.7 billion, for the purchase price of approximately $500 million. The underlying.

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This sale rides on the coattails of New Residential’s $950 million purchase of Citigroup’s servicing rights back for Fannie Mae- and Freddie Mac0back loans in January, as reported by Bloomberg. Those loans have an outstanding balance totaling $97 billion.

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New Residential agreed to pay PHH, based in Mount Laurel, N.J., a total of $912 million; $612 million of that is for the servicing rights and $300 million is for the rights to receive money that PHH has advanced to holders of bonds backed by delinquent mortgages.

Residential Mortgage, LLC ("New Residential") and Lakeview Loan. liquidate the residual assets of PHH Home Loans, and we have agreed to purchase Realogy's. mitigate potential MSR runoff with the replenishment of new MSRs for. Fannie Mae, Freddie Mac and Ginnie Mae, or to private investors.

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New Residential to buy mortgage platform shellpoint. consummation of the Shellpoint acquisition is expected to occur in two stages: 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.

At the end of last year, PHH announced that it planned to sell off its entire. New Residential is also buying $117 billion in MSRs from Ocwen. from Fannie and Freddie, along with other customary closing conditions. Then, in.

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In addition, New Residential will purchase approximately $300 million of servicer advances from PHH Mortgage. In effect, PHH will become a subservicer for New Residential. As per the deal between the two companies, PHH will subservice the 480,000 loans underlying the MSRs to be acquired for an initial period of three years, subject to certain termination provisions.

("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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