Flagstar Bancorp, Inc.NYSE
Dec. 18, 2013, 5:31 PM
- Two Harbors' (TWO) Matrix Financial unit is acquiring a "bulk pool" of mortgage servicing rights (MSRs) from Flagstar Bancorp (FBC) for $500M. The pool consists of Fannie Mae and Ginnie Mae loans largely originated after 2010, and has an aggregate unpaid principal balance of $40.7B. (PR)
- As part of the deal, Two Harbors and Flagstar have formed a subservicing agreement under which Flagstar "will act as the subservicer of the mortgage loans underlying the MSRs." The agreement will stay in effect as long as the MSRs are outstanding.