New Penn acquires Resurgent Mortgage Servicing
Deal shows further consolidation within servicing segment
For months now, HousingWire has been reporting on the consolidation of the servicing industry as a whole—with some shops unloading their servicing rights altogether—and others partnering up to withstand a shifting market and added regulatory burdens.
Now it looks like we have another transaction to report on.
Shellpoint Partners LLC, a mortgage originations and investment firm, said its subsidiary New Penn Financial just acquired Resurgent Mortgage Servicing (RMS) from Resurgent Capital Services (RCS).
The firms did not disclose terms of the transaction, but like many other deals, it seems to reflect the buddy-up mentality that's currently floating through the servicing space.
Resurgent Mortgage Servicing already services New Penn’s residential home loans.
When the deal is closed this year, RMS will be re-branded as Shellpoint Mortgage Servicing and operating under the umbrella of New Penn.
Furthermore, RMS will continue servicing mortgage portfolios owned by affiliates of RCS.
Resurgent’s servicing portfolio stood at $7.7 billion in August and is expected to reach $13 billion by year’s end.
The platform services agency and non-agency mortgages for investors.
With RMS under its umbrella, New Penn will employ more than 1,300 mortgage professionals in 45 offices across the country. Resurgent itself will remain based in Greenville, S.C., and Houston.
New Penn already announced another major transformation this week, with the firm revealing the launch of a mini-correspondent division.