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PHH MORTGAGE
PURCHASES MSRs
FROM FEDERAL
HOME LOAN BANK OF
INDIANAPOLIS
PHH Mortgage, a subsidiary of Ocwen
Financial Corporation, has announced
that it has entered into an agreement with
Federal Home Loan Bank of Indianapolis to
purchase mortgage servicing rights (MSRs)
through its Mortgage Purchase Program
(MPP).
FHLBank Indianapolis currently has
more than 300 depository members and
100 participating financial institutions that
originate approximately $2 billion annually
who sell loans into MPP to replenish their
capital and minimize portfolio risk. PHH
has partnered with FHLBank Indianapolis
as both a buyer of MSRs and a strategic
partner to provide subservicing solutions to
members within the FHLBank Indianapolis
footprint.
Earlier this year, PHH was recognized
for servicing excellence through Freddie
Mac's Gold Servicer Honors and Rewards
Program (SHARP) Award in the top tier
servicing group, Fannie Mae's Servicer
Total Achievement and Rewards (STAR)
performer recognition for General
Servicing, Solution Delivery and Timeline
Management, and achieved HUD's Tier-1
servicer ranking.
"We are extremely pleased by FHLBank
Indianapolis' decision to expand its co-issue/
subservicing program to add PHH as its
new strategic partner," said George Henley,
EVP and Chief Growth Officer of PHH
Mortgage. "is new relationship supports
the bank's mission of providing liquidity to
its members and to the residential housing
market. Partnering with PHH immediately
enhances FHLBank Indianapolis' sale
execution and serves as a blueprint that can
be replicated by other FHLBs and member
banks. We look forward to working with
FHLBank Indianapolis and its members and
the opportunity to provide subservicing and
other value-added services in the future."
PHH Mortgage has added $64 billion
in new subservicing volume over the past
12 months, and is one of the most active
co-issue buyers within the Fannie Mae SMP,
Freddie Mac CRX, and Ginnie Mae PIIT
co-issue programs.
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