The transaction will involve PHH transferring the subservicing of approximately $41.8 billion unpaid principal balance (UPB) of agency MSRs, representing approximately 310,000 loans. Transfers are expected to occur during the second and third quarters of this year. After the transfers are completed, New Residential will maintain its subservicing relationship with Ocwen related to the portfolio of non-agency loans currently subserviced by PHH.
“Both New Residential and Ocwen have evolved tremendously since we first announced our agency subservicing agreement with PHH. We believe this transfer is in the best long-term interests of our company as we execute on our business strategy,” said Michael Nierenberg, president, CEO and chairman of New Residential.
The New York Federal Reserve Bank says Americans now hold more than $11 trillion in mortgage debt
As housing prices rose during the pandemic, U.S. homeowners saw their mortgage debt increase along with them, credit agency Experian reports.
Experian looked at how mortgage debt varies by state and how it's grown over time, specifically from 2017 to 2021. The analysis incl...
Alternative real estate financing company cut about 120 jobs.
Homeward, an Austin, Texas-based company offering alternative financing for real estate, laid off about 20% of its staff this week.
In a 1,330-word message titled "A Note From Our CEO" posted to the company’s website blog on Wednesday, Homeward Founder & CEO Tim Heyl s...