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New Residential enters into APA to acquire forward assets of Ditech Financial New Residential. New Residential Investment announced that it has entered into a "stalking horse" Asset Purchase Agreement, or APA, with Ditech Holding and Ditech Financial to purchase substantially all of the forward assets of Ditech Financial.
I. Settlements on Approximately $8 Billion UPB of Fannie Mae & Freddie Mac Mortgage Servicing Rights ("MSRs") – As part of the acquisition, New Residential will first settle on approximately $8 billion UPB of Fannie Mae and Freddie Mac MSRs from Shellpoint. Between such settlements and the closing of the corporate acquisition described.
Under the terms of the APA, subject to certain conditions, New Residential has agreed to purchase, among other assets, Ditech Financial’s forward Fannie Mae, Ginnie Mae and non-agency mortgage servicing rights ("MSRs"), with an aggregate unpaid principal balance of approximately $63 billion as of March 31, 2019, the servicer advance receivables relating to such MSRs and other net assets core to the forward origination and servicing businesses.
New Residential enters into "stalking horse" Asset Purchase Agreement with Ditech to purchase certain assets in Ditech’s Chapter 11 Bankruptcy Acquisition of these assets, in addition to those already operated through NewRez and Shellpoint Mortgage Servicing, would further New Residential’s.
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MORL is a solid buy for the juicy dividend and potential. prepayment risk and thus decrease the lifespan and value of MSRs. The most well-known mREIT investing in MSRs is New Residential Investment.
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In addition, New Residential will purchase approximately $300 million of servicer advances from PHH Mortgage. In effect, PHH will become a subservicer for New Residential. As per the deal between the two companies, PHH will subservice the 480,000 loans underlying the MSRs to be acquired for an initial period of three years, subject to certain termination provisions.
New Residential expects to fund the acquisition in two stages with a combination of cash and existing financing lines (1) New Residential plans to fund the 0 million purchase price with existing capital and financing lines Cash on balance sheet – NRZ has $280 million cash as of 3Q17
New Residential is also buying $117 billion in MSRs from Ocwen Financial in a deal that also includes New Residential making an equity investment in Ocwen and becoming a 4.9% owner of the nonbank.