Rocket Mortgage and Annaly Capital Management have entered into a subservicing agreement under which Rocket will handle all servicing and recapture activities for a portion of the mortgage servicing rights held by Annaly.
Terms of the deal were not divulged.
Annaly holds nearly $75 billion in assets invested across its Agency MBS, Residential Credit and MSR strategies. The firm has built a fully-scaled MSR platform which holds servicing for approximately 608,000 loans, totaling $192 billion in unpaid principal balance and $2.8 billion in market value as of June 30, 2024.
The company’s MSR portfolio is made up of high-quality conventional loans with a weighted average FICO of 757 at origination.
“Annaly is pleased to enhance its mortgage servicing rights platform with our new relationship with Rocket,” says Steve Campbell, president and COO of Annaly, in a release. “We are proud to have constructed one of the most durable and high-quality portfolios of MSR in the market and this partnership will allow us to benefit from Rocket’s industry-leading servicing capabilities and retention rates. We are excited to have access to the best-in-class experience that Rocket is known for, which continues to improve given their ongoing investments in technology.”
“Rocket is committed to the entire homeownership experience from budgeting and credit building, to home search, financing and servicing,” says Bill Banfield, chief business officer of Rocket Companies, in a release. “We truly believe in building relationships with our clients that last a lifetime – whether through new mortgages or servicing loans. We are honored to be working with Annaly and look forward to providing their serviced clients the same exceptional experience that has made Rocket a perennial recipient of J.D. Power’s servicing award.”
