Freddie MSR LOC Deals Gather Steam as Criticism Mounts
September 28, 2018
Freddie Mac has racked up between three and five servicing-financing transactions with nonbank agency seller-servicers, according to investment bankers familiar with the arrangements. As for the details regarding the deals, Freddie isn’t talking and neither are any of its clients involved in the pilot. The only firm identified by sources thus far as talking to the GSE about a line of credit collateralized by mortgage servicing rights is United Shore Financial, the parent of the nation’s largest table-funder of loan brokers, United Wholesale Mortgage, Troy, MI. The UWM LOC is sized at roughly $55 million, sources told Inside The GSEs. Both Freddie and UWM declined to comment.