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Cherry Hill Mortgage Investment Corporation has reported that it had acquired mortgage servicing rights (MSRs) from an unaffiliated third party on a portfolio of mortgage loans with an aggregate unpaid principal balance of approximately $1.4 billion. Approximately 95 percent of the mortgage loans by principal balance are owned or have been securitized by Fannie Mae. The remaining mortgage loans are owned or have been securitized by Freddie Mac. The underlying mortgaged properties are located in all 50 states as well as the District of Columbia.
“We are pleased to accomplish our first MSR portfolio acquisition which represents a milestone for our company and a significant step forward in becoming a more servicing-centric business,” said Jay Lown, president and CIO of Cherry Hill Mortgage Investment Corporation.
Cherry Hill Mortgage Investment Corporation is externally managed and advised by Cherry Hill Mortgage Management LLC, an affiliate of Freedom Mortgage Corporation.