New Residential Investment Corp. Notifies PHH Mortgage Corporation of Intention to Transfer Agency Subservicing
February 26 2020 - 7:00AM
Business Wire
New Residential Investment Corp. (NYSE:NRZ; “New Residential”)
today announced that it has agreed with Ocwen Financial Corporation
(“Ocwen”) to transfer the subservicing of agency loans currently
subserviced by PHH Mortgage Corporation (“PHH”), a subsidiary of
Ocwen.
As part of this agreement, PHH will transfer the subservicing of
approximately $41.8 billion unpaid principal balance (“UPB”) of
agency MSRs, representing approximately 310,000 loans, to NewRez
LLC, a subsidiary of New Residential. Transfers are expected to
occur during the second and third quarters of 2020.
Following the transfers, New Residential will continue to have a
subservicing relationship with Ocwen related to the portfolio of
non-agency loans currently subserviced by PHH. In addition, New
Residential will continue to own 4.3% of Ocwen’s common shares
outstanding and does not intend to sell such shares in connection
with this announcement.
“Both New Residential and Ocwen have evolved tremendously since
we first announced our agency subservicing agreement with PHH. We
believe this transfer is in the best long-term interests of our
company as we execute on our business strategy,” said Michael
Nierenberg, Chairman, Chief Executive Officer and President of New
Residential.
ABOUT NEW RESIDENTIAL
New Residential is a leading provider of capital and services to
the mortgage and financial services industries with a proven track
record of returns and performance. The Company’s mission is to
generate attractive risk-adjusted returns in all interest rate
environments through a portfolio of investments and operating
businesses. With approximately $45 billion in assets as of December
31, 2019, New Residential has built a diversified,
hard-to-replicate portfolio with high-quality investment strategies
that have generated returns across different interest rate
environments over time. New Residential’s portfolio is composed of
mortgage servicing related assets (including investments in
operating entities consisting of servicing, origination, and
affiliated businesses), residential securities (and associated
called rights) and loans, and consumer loans. New Residential’s
investments in operating entities include its mortgage origination
and servicing subsidiary, NewRez, and its special servicing
division, Shellpoint Mortgage Servicing, as well as investments in
affiliated businesses that provide services that are complementary
to the origination and servicing businesses and other portfolios of
mortgage related assets. Since inception in 2013, New Residential
has a proven track record of performance, growing and protecting
the value of its assets while generating attractive risk-adjusted
returns and delivering approximately $3.3 billion in dividends to
shareholders. New Residential is organized and conducts its
operations to qualify as a real estate investment trust (“REIT”)
for federal income tax purposes. New Residential is managed by an
affiliate of Fortress Investment Group LLC, a global investment
management firm, and headquartered in New York City.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, statements relating to (i) the Company’s ability to
transfer such subservicing from PHH and the timing of such
transfers, (ii) the ultimate designated subservicer, (iii)
continuing to hold Ocwen’s common shares and (iv) continuing to
have a subservicing relationship with Ocwen. These statements are
based on management’s current expectations and beliefs and are
subject to a number of trends and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements, many of which are beyond our control.
The Company can give no assurance that its expectations will be
attained. Accordingly, you should not place undue reliance on any
forward-looking statements contained in this press release.
For a discussion of some of the risks and important factors that
could affect such forward-looking statements, see the sections
entitled “Risk Factors” in the prospectus supplement and the
prospectus related to the offering and in the Company’s most recent
Annual Report on Form 10-K, as well as the sections entitled
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” incorporated by reference in the prospectus
supplement related to the offering from the Company’s most recent
Annual Report on Form 10-K. In addition, new risks and
uncertainties emerge from time to time, and it is not possible for
the Company to predict or assess the impact of every factor that
may cause its actual results to differ from those contained in any
forward-looking statements. Such forward-looking statements speak
only as of the date of this press release. The Company expressly
disclaims any obligation to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Company’s expectations with regard
thereto or change in events, conditions or circumstances on which
any statement is based.
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version on businesswire.com: https://www.businesswire.com/news/home/20200226005439/en/
New Residential Investor
Relations Kaitlyn Mauritz 212-479-3150
IR@NewResi.com
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