The parent of Reverse Mortgage Funding LLC is acquiring mortgage servicing rights on more than $3 billion in loans.
Bloomfield, N.J.-based RMF was acquired in July 2014 by
Reverse Mortgage Investment Trust Inc. — a $230 million entity.
RMF
was the sixth-biggest reverse mortgage lender during the 12 months ended Feb. 28, according to data maintained by Reverse Market Insight.
The acquisition was expected to support a strategy to increase market share in both servicing and loan originations.
On March 1, execution of that strategy moved forward with the acquisition of MSRs on $1.8 billion in loans, according to a filing by the REIT with the Securities and Exchange Commission.
Reverse Mortgage Daily speculated in a news story that the seller of the MSRs was Sun West Mortgage Co.
The purchase was part of an agreement reached in January to buy MSRs on a total of $3.4 billion in mortgages, according to the SEC filing. The remaining portion of the MSR purchase is expected to close in the second quarter.
The transaction additionally included $22 million in related servicing advances. That closed on March 11.
