Learn extra: New Residential reveals strong Q1 results
Underneath the deal, New Residential intends to merge Caliber and NewRez as a part of its technique to broaden its capabilities, merchandise, and presence throughout mortgage origination and servicing house. The mixed firm is anticipated so as to add roughly $150 billion UPB of MSRs, technological enhancements, expertise, and an in depth native footprint, notably in buy lending.
“With this acquisition, we’ve prolonged our means to supply a broad spectrum of mortgage merchandise to debtors all through their homeownership journey,” Nierenberg mentioned. “We count on the mixture of Caliber and Newrez to contribute meaningfully to New Residential’s development in 2021 and past.”
Executives Sanjiv Das and Baron Silverstein will lead the mixed platform, with Das taking the function of CEO and Silverstein serving as president and chief working officer.
“Sanjiv and Baron every carry sturdy expertise in monetary companies and shopper lending and have demonstrated observe data of success in rising organizations and attaining distinctive outcomes. Their backgrounds, experience, and kinds will serve to create a dynamic and collaborative management staff unmatched available in the market. I sit up for what the mixed group will obtain beneath their collective management,” Nierenberg mentioned.