Mortgage Production Segment. Gain on loans held for sale, net decreased to $144 million, down $118 million or 45%, compared to the prior year. This decrease related to a 38% decrease in saleable applications that was primarily due to the decline in retail applications as we execute the exit of the PLS channel,
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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.
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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New Residential inks MSR purchase deal with PHH Corp. Also part of the deal, PHH will subservice the mortgages (480K of them) underlying the purchased MSRs for an initial period of three years. The deal is expected to close in H1. For PHH’s part, it sold the MSRs for about 84 basis points of the UPB, and the $912M in proceeds will be used.
Net mortgage servicing rights (MSRs. looks at a residential MBS? Kroll recently rated one of Redwood Trust’s deals, and here is all the nitty-gritty. The mortgage loans were originated by First.
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.
PHH Completes Sale of Fannie Mae MSRs. Deal is part of strategy to unload entire servicing portfolio. July 5, 2017. By Mortgage Daily staff. As part of its strategy to eliminate its entire mortgage servicing portfolio, PHH Corp. has sold mortgage-servicing rights on its Fannie Mae loans.
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.
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.