Cherry Hill Mortgage Investment Corp. reports that it recently acquired mortgage servicing rights (MSRs) from an unaffiliated third party on a portfolio of mortgage loans with an aggregate unpaid principal balance of approximately $1.4 billion.
Approximately 95% of the loans are owned by, or have been securitized by, Fannie Mae, the company says in a release. The remaining loans are owned or have been securitized by Freddie Mac. The underlying mortgaged properties are located in all 50 states as well as the District of Columbia.
‘We are pleased to accomplish our first MSR portfolio acquisition which represents a milestone for our company and a significant step forward in becoming a more servicing-centric business,’ says Jay Lown, president and chief information officer for Cherry Hill Mortgage.