New Residential to acquire Shellpoint Partners in $190 million deal
New Residential Investment announced has agreed to acquire Shellpoint Partners, a mortgage platform with origination and servicing capabilities.
The deal stands at about $190 million, subject to certain adjustments – plus potential additional consideration after a three-year earn-out based on the performance of Shellpoint after closing.
“Shellpoint’s origination and servicing platforms provide New Residential with recapture capabilities that can help enhance returns on our existing MSR portfolio and create new complementary revenue channels,” said New Residential CEO Michael Nierenberg. “[A]s a rated servicer, we believe Shellpoint will provide added servicing capacity to further diversify our servicing relationships and help accelerate transfer timelines for our MSR purchases.” Read more
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