MOORESTOWN, N.J. & CHARLOTTE, N.C.--(BUSINESS WIRE)--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.
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.