At 7.59 percent, the hedge fund is now the third largest institutional investor in PHH.

The IMA package – top heavy with California and Florida loans – includes $110.8 million of Ginnie Mae receivables.

Prospect Mortgage is the top contributor to the deal with an 11.2 percent share of the collateral.

At the same time, the market share of GSE business has been redistributed toward the smaller lenders.

Just because a GSE uses a third-party vendor to assess the risk of seller/servicers as counter-parties that doesn’t mean the GSE – or their management – is off the hook if something goes awry.

A new poll from IMFnews and Inside Mortgage Finance suggests that lenders are hardly optimistic that the R&W changes will amount to anything.

The three biggest servicers in the group – Wells Fargo, JPMorgan Chase and Bank of America – all reported significant declines in servicing income.

Mortgage bankers are concerned about what the CSBS is up to and how binding its recommendations will be.

The deal marked a shift for EverBank – the bank typically retains its jumbo ARM originations in portfolio.

The original consent order was dated Dec. 5, 2012, establishing the compliance monitor and more.