A previously announced agreement for PHH Corp.  to sell mortgage servicing right on government-sponsored enterprise residential loans has been executed.

Back in December 2016, Mount Laurel, New Jersey-based PHH disclosed plans to sell its MSRs on $72 billion in loans to New Residential Mortgage LLC.

PHH indicated at the time that a subservicing agreement with New Residential has it subservicing 480,000 loans underlying the MSRs for an initial period of three years.

Source: Mortgage Daily