MOORESTOWN, N.J.--(BUSINESS WIRE)--Cherry Hill Mortgage Investment Corporation (NYSE:CHMI) (“Cherry Hill” or the “Company”) today announced it has received Issuer and purchase approval from Ginnie Mae (GNMA) to acquire full MSRs on loans backing GNMA securities in exchange for the sale of its remaining Excess MSRs to Freedom Mortgage.
“We are pleased to receive GNMA approval, enabling us to complete the sale of our Excess MSR assets and more rapidly pursue our MSR strategy,” stated Jay Lown, Cherry Hill Mortgage Investment Corporation’s President. “Further, we remain committed to maintaining the flexibility of our portfolio in our efforts to create additional value for shareholders.”
The transaction increases the size of the Company’s total servicing portfolio to $7.7 billion in UPB as of January 31, 2017. In addition, the approval from Ginnie Mae expands the market in which the Company can compete to purchase bulk offerings of MSRs in the future.
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. Cherry Hill Mortgage Investment Corporation is externally managed and advised by Cherry Hill Mortgage Management, LLC.
This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward looking statements are based upon the Company’s present expectations, but these statements are not guaranteed to occur. For a description of factors that may cause the Company's actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, and other documents filed by the Company with the Securities and Exchange Commission.