PHH Corporation Announces Sale and Subservicing Agreements for its Entire non-GNMA Mortgage Servicing Rights Portfolio

MOUNT LAUREL, N.J.--(BUSINESS WIRE)--Dec. 28, 2016-- PHH Corporation (NYSE: PHH) ("PHH" or the "Company") today announced that it has entered into an agreement with New Residential Investment Corp. (NYSE: NRZ) ("New Residential") for the sale of its entire portfolio of mortgage servicing rights ("MSR") and related servicing advances, excluding the Ginnie Mae ("GNMA") MSRs and related servicing advances that were part of the sale transaction announced in November 2016. Based on the MSR portfolio composition as of October 31, 2016 and market conditions as of December 28, 2016, total proceeds......(read more)

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