Caliber Home Loans has announced the pricing of a $325 million term-note offering secured by Ginnie Mae mortgage servicing rights and excess servicing spread. The structure is the first Ginnie MSR-backed issuance with a subordinate class, which provides Caliber access to additional financing for MSR portfolio growth not previously available within the industry. Ginnie Mae, which cleared the proposed funding and liquidity strategy, said the subordinate structure is a first for a Ginnie servicing debt financing by an agency-approved servicer. The secondary market agency must review and approve all financing agreements based on Ginnie servicing rights, and their overall structures prior to their issuance, said an agency spokesman. Two other servicers, PennyMac and loanDepot, have issued debt backed by servicing rights. Their structures, however, did not include a subordinate piece. “We recognize this ...