PHH Sheds More Servicing; Flood Insurance News; Jumbo, Conforming, and Appraisal Changes

Posted To: Pipeline Press

New Residential Investment Corp. (NYSE: NRZ) announced it has entered into an agreement, through its wholly-owned subsidiary New Residential Mortgage LLC (“NRM”), to purchase approximately $72 billion UPB (480,000 loans) of seasoned Agency and private-label mortgage servicing rights (“MSRs”) from PHH Mortgage Corporation . The total purchase price is approximately $612 million. In addition, associated with the MSR purchase, NRM will purchase approximately $300 million of servicer advances from PHH Mortgage, so the total transaction is $912 million. The deal excludes the Ginnie Mae (GNMA)-related MSR, which the company previously announced it had sold to Lakeview. But apparently PHH knows how to actually service loans, and concurrently with the Purchase Agreement NRM entered into a subservicing…(read more)

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PHH Sheds More Servicing; Flood Insurance News; Jumbo, Conforming, and Appraisal Changes
PHH Sheds More Servicing; Flood Insurance News; Jumbo, Conforming, and Appraisal Changes

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