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Rithm Capital Corp. (NYSE: RITM) completes the acquisition of Computershare Mortgage Services Inc., including SLS, expanding Newrez 's servicing portfolio and subservicing platform. The transaction adds approximately $149 billion in unpaid principal balance of servicing UPB, enhances client base and wallet share, and provides added operating leverage to Newrez's operations.
Rithm Capital Corp. (NYSE: RITM) ha completato l'acquisizione di Computershare Mortgage Services Inc., inclusa SLS, ampliando il portafoglio di gestione e la piattaforma di sottoservizio di Newrez. La transazione aggiunge circa 149 miliardi di dollari in saldo principale non pagato di gestione UPB, migliora la base di clienti e la quota di mercato, e fornisce una maggiore leva operativa alle operazioni di Newrez.
Rithm Capital Corp. (NYSE: RITM) ha completado la adquisición de Computershare Mortgage Services Inc., incluido SLS, expandiendo el portafolio de servicios y la plataforma de sub-servicios de Newrez. La transacción añade aproximadamente 149 mil millones de dólares en saldo principal no pagado de servicios UPB, mejora la base de clientes y la participación de mercado, y proporciona un mayor apalancamiento operativo a las operaciones de Newrez.
Rithm Capital Corp. (NYSE: RITM)는 Computershare Mortgage Services Inc., SLS를 포함하여 인수를 완료하여 Newrez의 서비스 포트폴리오와 하위 서비스 플랫폼을 확장하였습니다. 이 거래로 인해 약 1490억 달러의 미지급 원금 잔액 UPB가 추가되며, 고객 기반과 시장 점유율을 향상시키고, Newrez의 운영에 추가적인 운영 레버리지를 제공합니다.
Rithm Capital Corp. (NYSE: RITM) a finalisé l'acquisition de Computershare Mortgage Services Inc., y compris SLS, élargissant ainsi le portefeuille de services et la plateforme de sous-traitance de Newrez. La transaction ajoute environ 149 milliards de dollars de solde principal non payé de services UPB, améliore la base clients et la part de marché, et offre un levier opérationnel accru aux opérations de Newrez.
Rithm Capital Corp. (NYSE: RITM) hat die Übernahme von Computershare Mortgage Services Inc., einschließlich SLS, abgeschlossen, wodurch das Betreuungsportfolio und die Sub-Servicing-Plattform von Newrez erweitert werden. Die Transaktion fügt etwa 149 Milliarden Dollar an unbezahltem Hauptsaldo des Servicings UPB hinzu, verbessert die Kundenbasis und den Marktanteil und bietet Newrez zusätzliche operative Hebelwirkung.
Positive
Acquisition adds approximately $149 billion in unpaid principal balance of servicing UPB to Newrez's portfolio, increasing scale and diversification.
Expands Newrez's subservicing and special servicing businesses by adding new third-party clients and increasing existing client wallet share.
The transaction provides added operating leverage to Newrez through additional scale and co-issue MSR acquisition capabilities on the originations platform.
Negative
None.
Insights
The acquisition of Computershare Mortgage Services by Rithm Capital represents a significant consolidation move within the mortgage servicing industry. By onboarding approximately $149 billion in unpaid principal balance (UPB), of which $104 billion is third-party servicing, Rithm Capital's Newrez LLC substantially increases its market footprint. This strategic move not only enhances Newrez's servicing portfolio but also broadens its client base and third-party relationships, reinforcing its position in the subservicing and special servicing niche. The addition of co-issue Mortgage Servicing Rights (MSR) acquisition capabilities extends Newrez's origination platform's reach and could potentially drive down the cost of customer acquisition and service delivery through economies of scale. This could favorably impact Rithm Capital's margins and profitability over time. However, investors should monitor integration costs and the potential for execution risks, which are inherent in deals of this magnitude.
Rithm Capital's acquisition move underpins a trend towards vertical integration in the mortgage servicing sector. The added operating leverage from an expanded servicing portfolio could provide Rithm with cost efficiencies and a stronger competitive edge. Additionally, the ability to acquire co-issue MSRs could offer Newrez a diverse revenue stream and mitigate risks associated with interest rate fluctuations. The mortgage industry is highly sensitive to economic cycles and regulatory environments, so maintaining a diversified portfolio is a strategic hedge. The synergies from this acquisition could make Rithm more resilient to market shifts. However, the benefits need to be balanced against the risks of market saturation and the regulatory compliance burden associated with a larger servicing portfolio.
NEW YORK--(BUSINESS WIRE)--
Rithm Capital Corp. (NYSE: RITM; “Rithm Capital”) today completed its previously announced acquisition of Computershare Mortgage Services Inc. and certain affiliated companies, including Specialized Loan Servicing LLC (“SLS”). Immediately following the closing of the acquisition, SLS merged into Newrez LLC (“Newrez”).
Transaction highlights:
Adds ~$149b in unpaid principal balance of servicing, adding $104bn third-party and other servicing to Newrez portfolio
Adds new third-party clients and increases existing client wallet share, significantly expanding Newrez’s subservicing and special servicing businesses
Adds co-issue MSR acquisition capabilities to Newrez originations platform
Provides Newrez added operating leverage through additional scale
“This milestone marks another chapter in our history of strategic acquisitions to build a leading mortgage banking franchise – a core strategy of Rithm’s growth as we scale and diversify as an alternative asset manager,” said Michael Nierenberg, Chairman, Chief Executive Officer and President of Rithm Capital.
“SLS will further expand our robust subservicing business and brings with it a great reputation in the market – the team and Newrez share a commitment to delivering a best-in-class experience to both clients and homeowners,” said Baron Silverstein, President of Newrez. “The power of the combined platform will strengthen Newrez’s positioning in the market.”
Rithm Capital (NYSE: RITM) is a global asset manager focused on real estate, credit and financial services. Rithm makes direct investments and operates several wholly-owned operating businesses. Rithm’s businesses include Sculptor Capital Management, Inc., an alternative asset manager, as well as Newrez LLC, and Genesis Capital LLC, leading mortgage origination and servicing platforms. Rithm seeks to generate attractive risk-adjusted returns across market cycles and interest rate environments. Since inception in 2013, Rithm has delivered approximately $5.3 billion in dividends to shareholders. Rithm is organized and conducts its operations to qualify as a real estate investment trust (REIT) for federal income tax purposes and is headquartered in New York City.
About Newrez
Newrez is a leading mortgage lender and servicer dedicated to providing a customer-first experience and helping homeowners make smart moves throughout their homeownership journey. Newrez offers industry-leading servicing capabilities for owned MSRs and for third-party clients, as well as a robust origination model with presence in the retail, wholesale, correspondent, and consumer direct verticals. Newrez’s mission is to champion homeownership – the company helps clients achieve their homeownership goals through a wide array of products and services. Newrez was established in 2008 and is headquartered in Fort Washington, PA.
