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Residential Announces Additional Closing of Previously Announced Excess MSR Transaction Between Nationstar Mortgage LLC (Nationstar) and Bank Of America

Monday, 8 Jul 2013 07:18am EDT 

New Residential Investment Corp. announced that on July 1, 2013 it completed an additional closing of excess mortgage servicing rights (Excess MSRs) that it agreed to acquire as part of the previously announced transaction between Nationstar Mortgage LLC (Nationstar) and Bank Of America (the Transaction). This closing relates to loans held in private label securitizations (PLS) with an unpaid principal balance (UPB) of $43 billion, which represents approximately 45% of the total PLS UPB associated with the Transaction. New Residential invested approximately $53 million to acquire the right to receive one-third of the monthly cash flow generated by the mortgage servicing rights (MSRs), net of a basic fee paid to Nationstar. Nationstar is the servicer of the loans and has retained a one-third interest in the Excess MSRs; a Fortress Investment Group managed fund has acquired the remaining one-third interest. New Residential will not own the servicing rights and therefore will not have any servicing duties, advance obligations or liabilities associated with the portfolio. 

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0.05 +0.28%
24 Dec 2014