PHH Mortgage, a subsidiary of Ocwen Financial Corp. and a non-bank mortgage servicer and originator, has entered into an agreement with Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis) to purchase mortgage servicing rights (MSR) through its Mortgage Purchase Program (MPP).
FHLBank Indianapolis has more than 300 depository members and 100 participating financial institutions that originate about $2 billion annually who sell loans into MPP to replenish their capital and minimize portfolio risk. PHH
