In addition, PHH entered into a subservicing agreement with New Residential, pursuant to which PHH will subservice the 480,000 mortgage loans underlying the MSRs to be acquired by New Residential for an initial period of three years, subject to certain termination provisions.
Shop MBA Opens Doors mPower. newsroom contact join mba log In. Advocacy and Policy. MBA Advocacy. MORPAC; Mortgage Action Alliance (MAA)
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PHH Corporation’s (PHH) CEO Robert Crowl on Q3 2017 Results – Earnings call transcript. phh Corporation (NYSE: PHH) Q3 2017 Earnings Conference Call November 8, 2017 10:00 AM ET.
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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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The transaction involves 1,262 Freddie Mac residential loans that have an aggregate unpaid principal balance of $292 million. Marketing of the loans began on May 17, and an auction followed. The winning bidder for the loans was Towd Point Master Funding LLC.
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GENERAL New Residential is a publicly traded REIT NRZ. likely to be elevated for some period of time. We estimate that MSRs covering up to $150 billion of mortgages are currently for sale, which.
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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.
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.