New Residential Investment Corp. (NYSE:NRZ; together with its subsidiaries, "New Residential" or the "Company") announced today that it has closed the previously announced acquisition of Shellpoint Partners LLC ("Shellpoint"), a vertically integrated mortgage platform with established origination and servicing capabilities. The acquisition comprises all outstanding equity interests of Shellpoint and all companies within the Shellpoint family, including New Penn Financial, Shellpoint Mortgage Servicing, Avenue 365, and eStreet Appraisal Management Company.
"We are pleased to announce the closing of the Shellpoint acquisition" said Michael Nierenberg, Chief Executive Officer of New Residential. "We believe this transaction creates tremendous optionality for New Residential. Shellpoint has an excellent origination and third-party servicing platform, as well as a suite of ancillary businesses including title insurance, appraisal management, real estate owned ("REO") management and other real estate services.
In addition, Shellpoint Mortgage Servicing ("SMS") has done a great job expanding its third-party servicing business, which we expect will remain a focus for the company as SMS continues to grow its roster of third-party clients. We look forward to working closely with the Shellpoint management team and we remain confident that Shellpoint's businesses will be a strong contributor to New Residential."
Bruce Williams, Co-Chief Executive Officer of Shellpoint commented, "We are delighted to announce the closing of this transaction and we look forward to our continued growth as part of the New Residential family. Our organizations share an entrepreneurial spirit, desire for growth, and focus on cutting-edge technology. It's a terrific match and an exciting time to be part of this group of companies."
"We are thrilled to officially become part of the New Residential family and excited for the opportunities that this presents for our customers," said Kevin Harrigan, President and Chief Executive Officer of New Penn Financial. "Our continued focus will be on providing an excellent loan origination experience and competitive rates to our clients. With the support of a scaled platform like New Residential, we look forward to offering an even wider array of product options."
"New Residential has already become an important client, adding significant loan servicing business to the SMS servicing portfolio," said Jack Navarro, President and Chief Executive Officer of SMS. "We are excited about the additional prospects for growth created by this transaction."
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