More details: New Residential Delivers Strong First Quarter Results
As part of the deal, New Residential intends to combine Caliber and NewRez as part of its strategy to expand its capabilities, products and presence in the mortgage lending and servicing industry. The combined company is expected to add approximately US $ 150 billion in MSR, technology improvements, talent, and a strong local presence, especially in procurement credit.
“Through this acquisition, we have expanded our ability to offer borrowers a wide range of mortgage products throughout the ownership journey,” Nirenberg said. “We expect the combination of Caliber and Newrez to significantly contribute to the growth of New Residential in 2021 and beyond.”
Executives Sanjeev Das and Baron Silverstein will lead the combined platform, with Das taking over as CEO and Silverstein as president and chief operating officer.
“Sanjeev and Baron have extensive experience in financial services and consumer finance and have a proven track record in growing organizations and delivering exceptional results. Their experience, expertise and styles will serve to build a dynamic and collaborative leadership team unmatched in the market. I look forward to what the combined organization will achieve under their collective leadership, ”Nirenberg said.