With the deal, Cherry Hill diversifies its subservicing options as RoundPoint grows its co-issue business
Cherry Hill Mortgage Investment and RoundPoint Mortgage Servicing have announced that they have entered into a purchase and sale agreement for mortgage servicing rights.
Under the deal, a Cherry Hill unit will purchase up to $2 billion per month of conventional MSRs originated through RoundPoint’s co-issue program over the next 24 months. RoundPoint will subservice the MSRs for Cherry Hill.
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“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 CEO of Cherry Hill. “We are excited to partner with RoundPoint, a first-in-class servicer.”
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“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,” RoundPoint CEO Kevin Bringardt said. “Concurrently, we are excited about the growth this adds to our subservicing business line.”
