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Wednesday, December 28, 2016 7:33:19 PM
NEW YORK--(BUSINESS WIRE)--New Residential Investment Corp. (NYSE:NRZ, “New Residential” or the “Company”) today announced it has entered into an agreement (the “Purchase Agreement”), through its wholly-owned subsidiary New Residential Mortgage LLC (“NRM”), to purchase approximately $72 billion UPB of seasoned Agency and private-label mortgage servicing rights (“MSRs”) from PHH Mortgage Corporation (“PHH Mortgage”), a wholly-owned subsidiary of PHH Corporation (NYSE: PHH), for a total purchase price of approximately $612 million. In addition, associated with the MSR purchase, NRM will purchase approximately $300 million of servicer advances from PHH Mortgage.
Concurrently with the Purchase Agreement, NRM entered into a subservicing agreement with PHH Mortgage, pursuant to which PHH Mortgage will subservice the mortgage loans underlying the MSRs acquired by NRM.
“We are very excited to announce this transaction and strategic partnership with PHH,” said Michael Nierenberg, Chairman and Chief Executive Officer of New Residential. “As one of the leading mortgage servicers in the U.S., PHH will be a great addition to our network of servicing partners, and we look forward to working closely with PHH. This transaction further demonstrates our role as one of the leading capital providers to the mortgage industry and our commitment to drive long-term earnings for our shareholders through the growth of our MSR portfolio.”
The transaction is expected to close in the first half of 2017 and is subject to (i) PHH shareholder approval, (ii) GSE and other regulatory approvals and (iii) certain customary closing conditions.
ABOUT NEW RESIDENTIAL
New Residential focuses on opportunistically investing in, and actively managing, investments related to residential real estate. The Company primarily targets investments in mortgage servicing related assets and other related opportunistic investments. New Residential is organized and conducts its operations to qualify as a real estate investment trust (“REIT”) for federal income tax purposes. The Company is managed by an affiliate of Fortress Investment Group LLC (NYSE: FIG), a global investment management firm.
http://www.businesswire.com/news/home/20161228005431/en/Residential-Announces-Purchase-Mortgage-Servicing-Rights-PHH
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