Cherry Hill Mortgage Investment (CHMI) began trading on the NYSE on 4 October 2013

Shares of Cherry Hill Mortgage Investment Corp. are falling in their trading debt Friday after the company raised $130 million in its initial public offering.

The mortgage investment company priced its IPO at $20 per share. In morning trading, its shares fell $1.20, or 6 percent, to $18.80.

Proceeds will be used to buy mortgage serving rights and mortgage-backed securities issued or guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae, the Moorestown, New Jersey-based company said.

Its shares are trading on the New York Stock Exchange under the ticker symbol "CHMI."

OCTOBER 21: Executives and guests of Cherry Hill Mortgage Investment Corporation ring the closing bell at the New York Stock Exchange on October 21, 2013 in New York City