As part of its strategy to eliminate its entire mortgage servicing portfolio, PHH Corp. has sold mortgage-servicing rights on its Fannie Mae loans.
The Mount Laurel, New Jersey-based company has completed the sale of
substantially all of its MSRs on Fannie Mae single-family loans.
Proceeds from the sale of the MSRs, which was originally announced back in December 2016, amounted to approximately $333.1 million.
The buyer of the servicing rights was New Residential Mortgage LLC, while the seller was PHH Mortgage Corp., according to a filing Wednesday with the Securities and Exchange Commission.
The deal calls for PHH to subservice
around 302,000 of the loans on behalf of New Residential.
The sale is part of PHH’s strategy to unload its entire mortgage servicing portfolio.
The SEC filing additionally indicated that Kathleen A. Williamson has been promoted to senior vice president and chief human resources officer. She replaces Kathryn M. Ruggieri, who stepped down on June 30.
