Cherry Hill Mortgage Investment Corp. has purchased its first mortgage servicing rights portfolio, with an aggregate unpaid principal balance of roughly $1.4 billion.
The MSR portfolio, which features underlying properties in all 50 states and the District of Columbia, was purchased from an unaffiliated third party, Cherry Hill said in a Nov. 2 news release.
Around 95% of the loans are owned or securitized by Fannie Mae, with the remaining belonging to Freddie Mac.
"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," according to Cherry Hill's president and CEO Jay Lown in a press release.
Cherry Hill is a real estate investment trust whose external manager, Cherry Hill Mortgage Management, is an affiliate of Freedom Mortgage Corp.
