NEW YORK–(BUSINESS WIRING) – New Residential Investment Corp. (NYSE: NRZ; “New Residential” or “Company”) today announced the completion of its previously announced acquisition of Caliber Homes Loans, Inc. (“Caliber”), a leading provider of mortgage loans. service staff. The deal was originally announced on April 14, 2021.
“The completion of the Caliber acquisition is another important step in the development of the leading high-yield mortgage company in New Residential, ”said Michael Nirenberg, chairman, chief executive officer and president of New Residential. “We are thrilled to have reached this milestone and officially welcome Caliber to the New Residential family. Through this acquisition, we have expanded our ability to offer borrowers a wide range of mortgage products throughout the ownership journey. We expect the combination of Caliber and Newrez to significantly contribute to the growth of New Residential in 2021 and beyond. ”
Upon completion of the acquisition, New Residential intends to combine the additional mortgage platforms Caliber and Newrez LLC (“Newrez”), a wholly owned New Residential mortgage lender and service provider. The strategic acquisition expands New Residential’s capabilities, products and presence in the mortgage lending and servicing business. Specifically, this acquisition increases MSR of approximately US $ 150 billion, technological advances, exceptional talent, and a strong local presence, especially in the area of procurement finance. New Residential expects the combined company to offer more products across the full range of mortgages, making it easier for clients and partners to obtain the solutions best suited to their home ownership needs. Together, Newrez and Caliber funded nearly $ 45 billion of UPB in the second quarter of 2021 and serviced approximately $ 465 billion in mortgage loans, placing their combined performance in the top 5 non-bank leaders in both categories.
Upon completion of the acquisition, Sanjeev Das and Baron Silverstein will lead the combined platform, with Sanjeev Das assuming the role of Chief Executive Officer and Baron Silverstein assuming the roles of President and Chief Operating Officer.
Mr. Nirenberg said: “Each of Sanjeev and Baron has extensive experience in financial services and consumer finance and has a proven track record of 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. ”
New Residential financed the acquisition by combining available cash and available liquidity on the New Residential and Caliber balance sheets.
Ordinary Dividends for the Third Quarter
New Residential also announced today that its board of directors has announced an increase in its common stock dividend for the third quarter of 2021 of $ 0.25 per common share. Dividends on ordinary shares for the third quarter are to be paid on October 29, 2021 to shareholders registered on October 4, 2021.
Details of the call to the investor
New Residential will host a conference call at 8:00 AM ET on Tuesday, Aug 24, 2021 to discuss the acquisition. An additional presentation on the completion of the acquisition will be available at newresi.com/investors. Conference calls can be accessed by dialing 1-866-777-2509 (from the US) or 1-412-317-5413 (from outside the US) ten minutes before the scheduled start of the call; please refer to New Residential Closed Acquisition of Caliber. In addition, attendees are encouraged to pre-register for the conference call at https://dpregister.com/sreg/10159435/ec3c3ae0ca. The concurrent webcast of the conference call will be available to the public on a listen-only basis at www.newresi.com. Please allow extra time before calling to visit the website and download all the software you need to listen to the webcast.
ABOUT NEW RESIDENTIAL
New Residential is a leading provider of capital and services in the mortgage and financial services industry. The company’s mission is to generate attractive risk-adjusted returns across all interest rate environments from a portfolio of investments and operating businesses. New Residential has built a diversified, hard-to-replicate portfolio with high quality investment strategies that have been profitable over time in a variety of interest rate environments. The New Residential investment portfolio consists of mortgage-related assets, residential securities (and associated named rights), and loans and consumer loans. New Residential’s investments in operating companies include its mortgage subsidiary Newrez and its dedicated services division Shellpoint Mortgage Servicing, as well as investments in affiliated companies that provide services that complement the mortgage creation and servicing business. related assets. Since its founding in 2013, New Residential has a proven track record of growing and protecting the value of its assets while delivering attractive risk-adjusted returns and paying shareholders more than $ 3.7 billion in dividends. New Residential and its operations are REIT compliant for federal income tax purposes. New Residential is operated by a subsidiary of Fortress Investment Group LLC, a global investment management firm headquartered in New York.
Newrez is a leading mortgage company that combines mortgage creation and servicing to provide customer focus first and help our clients take reasonable action throughout the life of their mortgages. Distinguished by platform of origin, the Company provides clients with unparalleled lending options for purchase and refinancing. Its servicing business services provide loans on behalf of Newrez clients and include the third-party service brand Shellpoint Mortgage Servicing. Founded in 2008 and headquartered in Fort Washington, Pennsylvania, Newrez is a member of the New Residential Investment Corp. family.
Caliber is a recognized leader in the US mortgage market with a diversified, customer-focused and purchasing platform headquartered in Coppell, Texas. Caliber is an approved vendor / service provider for both Fannie Mae and Freddie Mac, an approved vendor for Ginnie Mae, and an approved service provider for FHA, VA and USDA. Caliber has several service provider ratings from Standard & Poor’s, Moody’s, Fitch and DBRS.
Certain information in this press release constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to (i) Caliber’s future performance, including its growth potential, (ii) statements regarding the impact of Caliber on the business and future performance of the Company, and (iii) statements regarding the future leadership team of the unified mortgage platforms, and their ability to create a dynamic and cohesive leadership team unmatched in the market. These statements are not historical facts. They reflect management’s current expectations of future events and are subject to a number of trends and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those described in the forward-looking statements. Accordingly, you should not place undue reliance on any forward-looking statements contained in this document.
For a discussion of some of the risks and important factors that may affect such forward-looking statements, see the sections entitled “Forward-looking statements warnings”, “Risk Factors” and “Management Discussion and Analysis of Financial Condition and Results of Operations ”in recent annual and quarterly reports and other documents filed with the US Securities and Exchange Commission, which are available on the Company’s website (www.newresi.com). From time to time, new risks and uncertainties arise and New Residential is unable to predict or assess the impact of each factor that could cause its actual results to differ from those contained in any forward-looking statements. The forward-looking statements contained herein are valid only as of the date of this press release, and New Residential expressly disclaims any obligation to post any updates or revisions to any forward-looking statements contained herein to reflect any changes in New Residential’s expectations. in relation to them. or a change in the events, conditions or circumstances on which any statement is based.