Cherry Hill Mortgage Investment Corp. and RoundPoint Mortgage Servicing Corp. say they had entered into a purchase and sale agreement for flow purchases by a subsidiary of Cherry Hill of up to $2 billion per month of conventional mortgage servicing rights (MSRs) originated through RoundPoint’s co-issue program over the next 24 months.
According to Cherry Hill, the MSRs will be subserviced by RoundPoint for Cherry Hill pursuant to a subservicing agreement entered into concurrently by both companies.
“This agreement fulfills two strategic goals for Cherry Hill by diversifying our subservicing options while also producing a reliable source of MSRs to further grow our portfolio,” says Jay Lown, president and CEO of Cherry Hill Mortgage Investment Corp.
Kevin Brungardt, CEO of RoundPoint Mortgage Servicing Corp., says, “Our relationship with Cherry Hill is another step in our plan to grow our co-issue business, as we remain a committed liquidity provider to our current and future MSR sellers. Concurrently, we are excited about the growth this adds to our subservicing business line.”