Benzinga | Apr 21, 2021 04:07PM EDT

Texas Capital Bank Announces Agreement to Sell Its Mortgage Servicing Rights Asset to PHH Mortgage

Texas Capital Bank, N.A., referred to herein as "Texas Capital Bank" or the "Company," today announced that it has entered into an agreement with PHH Mortgage ("PHH"), a subsidiary of Ocwen Financial Corporation (NYSE:OCN), under which PHH will purchase, in a bulk sale, the Company's portfolio of Mortgage Servicing Rights ("MSRs") attributable to a mortgage loan portfolio approximating $14 billion. In a related Letter of Intent, PHH has also confirmed it will extend employment opportunities to many of the Company's Correspondent Lending employees, and Texas Capital Bank has agreed to make best efforts to cooperate with PHH in transitioning its Correspondent Lending client base. The MSR sale and transition of employees and clients is expected to be completed in the second quarter of 2021, subject to customary closing conditions.