MOORESTOWN, N.J. & CHARLOTTE, N.C.--(BUSINESS WIRE)--Aug. 3, 2017--
Cherry Hill Mortgage Investment Corporation (NYSE:CHMI) (“Cherry Hill”)
and RoundPoint Mortgage Servicing Corporation (“RoundPoint”) announced
today that 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 MSRs originated through RoundPoint’s co-issue program
over the next 24 months. 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,” said Jay Lown, President
and Chief Executive Officer of Cherry Hill Mortgage Investment
Corporation. “We are excited to partner with RoundPoint, a
first-in-class servicer.”
Kevin Brungardt, Chief Executive Officer of RoundPoint Mortgage
Servicing Corporation, stated, “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.”
About Cherry Hill Mortgage Investment Corporation
Cherry Hill Mortgage Investment Corporation is a real estate finance
company that acquires, invests in and manages residential mortgage
assets in the United States. For additional information, visit www.chmireit.com.
About RoundPoint Mortgage Servicing Corporation
Founded in 2007, RoundPoint is a fully-licensed agency and non-agency
lender and subservicer for commercial banks, credit unions, mortgage
companies and hedge funds. The Charlotte, NC-based company currently
services over $75 billion worth of mortgage assets, which are comprised
of its own assets and loans subserviced for many other investor types
nationwide. RoundPoint is licensed to service loans in all fifty states,
the District of Columbia, and the U.S. Virgin Islands and is publicly
rated by Fitch Ratings (RPS3+, RSS3+), Standard & Poor's (Average) and
Kroll Bond Rating Agency (BB). RoundPoint is a seller and servicer for
Fannie Mae and Freddie Mac. It is an approved single family Issuer and
servicer for Ginnie Mae, and maintains current MBS issuer eligibility.
RoundPoint is also an approved servicer for the U.S. Department of
Housing and Urban Development, the U.S. Department of Veterans Affairs
and the U.S. Department of Agriculture. In addition to servicing loans
guaranteed by Fannie Mae, RoundPoint services for third parties and has
an extensive portfolio of loans involved in FDIC structured and shared
loss transactions. Lenders and investors can learn more about
RoundPoint's servicing offerings by visiting roundpointexchange.com.
Borrowers may visit RoundPoint's consumer website at www.rpmservicing.com.
Forward-Looking Statements
This press release contains forward looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 and
other federal securities laws, including, among others, statements
relating to each company’s long-term growth opportunities and
strategies, and its ability to generate sustainable and attractive
risk-adjusted returns for stockholders. These forward looking statements
are based upon each company’s present expectations, but these statements
are not guaranteed to occur. For a description of factors that may cause
Cherry Hill’s actual results or performance to differ from its
forward-looking statements, please review the information under the
heading “Risk Factors” included in the Cherry Hill’s Annual Report on
Form 10-K for the year ended December 31, 2016, and other documents
filed by Cherry Hill with the Securities and Exchange Commission.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170803006439/en/
Source: Cherry Hill Mortgage Investment Corporation
Cherry Hill Mortgage Investment Corporation
Investor Relations
877-870-7005
InvestorRelations@CHMIreit.com