Caliber Home Loans, Inc. has priced a private offering of secured term notes in an aggregate principal amount of $325 million to be issued by the Company's subsidiary, CHL GMSR ISSUER TRUST. Notably, this structure is the first Ginnie Mae Mortgage Servicing Right (MSR) - backed term note issuance to include a subordinate class, which provides Caliber access to additional financing for MSR portfolio growth not previously available within the industry. The issued notes are floating rate and carry the lowest cost of funds to date for Ginnie Mae MSR - backed term notes. The secured term notes will mature on May 25, 2023, and are collateralized by Ginnie Mae MSRs and excess servicing spread (ESS) evidenced by participation certificates, which are sold to the Trust by Caliber under a master repurchase agreement. This funding is the final step in Caliber's balance sheet restructuring. As a result of this process, Caliber now partners with multiple partners and facilities that expand the Company's MSR financing capacity by over 30%, lower MSR secured interest expense by over 300bps and extend duration by an average of three years.