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Ocwen Financial Corporation, a non-bank mortgage servicer and originator, announced that its wholly-owned subsidiary, PHH Mortgage Corporation, entered into an agreement with AmeriHome Mortgage Company, LLC to purchase, in bulk, mortgage servicing rights with a total unpaid principal balance of approximately $48 billion, according to a press release.
The bulk MSR portfolio is comprised of approximately 178,000 mortgage loans sold to or securitized by Freddie Mac and Fannie Mae. As of March 31, 2021, PHH serviced approximately 1.1 million loans and this transaction is expected to grow its total servicing portfolio by approximately 16%/
The transaction is expected to close late in the second quarter of 2021, subject to certain closing conditions, including regulatory approvals and finalizing an agreement between PHH and Western Alliance Bank to finance the MSR acquisition. The loans underlying the MSR portfolio are expected to transfer to PHH in September of 2021.
"Overall, we are delivering very strong performance in adding new servicing across our originations channels and this agreement is a significant milestone in achieving our growth objective of adding up to $150 billion in new servicing in 2021," said Glen A. Messina, president and CEO of Ocwen.