Mr Cooper Group Inc (COOP)

[Nightdaytrader]

New Residential transferring Ocwen/PHH's servicing of $41B to New Residential

This is interesting because I always believed, and still believe, that if Softbank/Fortress sold Nationstar to Mr Cooper Group, then Softbank/Fortress would also sell New Residential to Mr Cooper Group.. We'll see....

ND9
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New Residential Transfers Agency Subservicing From PHH
February 26, 2020

Phil Hall

New Residential Investment Corporation has reached an agreement with Ocwen Financial Corporation to transfer the subservicing of agency loans currently subserviced by PHH Mortgage Corporation, a subsidiary of Ocwen, to its NewRez LLC subsidiary

New Residential Investment Corporation has reached an agreement with Ocwen Financial Corporation to transfer the subservicing of agency loans currently subserviced by PHH Mortgage Corporation, a subsidiary of Ocwen, to its NewRez LLC subsidiary.

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.

https://nationalmortgageprofessional.com/news/73981/residential-transfers-agency-subservicing