PHH Corp. has disclosed that it has reached an agreement to sell its entire portfolio of mortgage servicing rights, though it will subservice the loans.

On Wednesday, the Mount Laurel, New Jersey-based firm announced that a deal was negotiated to sell MSRs on $72 billion in loans as of Oct. 31.

Proceeds from the sale are estimated at $912 million, including $612 million from the MSR sales and around $300 million from servicing advances.

Source: Mortgage Daily