Pretium, an investment management firm that owns one of the nation’s largest single-family rental operators and buys loads of non-performing loans from Fannie Mae and Freddie Mac, expanded its housing business earlier this year when it bought Deephaven Mortgage.
But buying the non-Qualified Mortgage lender wasn’t Pretium’s last big move of 2019.
Pretium announced this week that it acquired Selene Holdings from funds managed by Oaktree Capital Management and Lewis Ranieri’s Ranieri Partners Management. Ranieri is considered by many to be the father of mortgage securitization.
Selene Holdings is the parent company of Selene Finance, a mortgage servicer that focuses on non-performing, re-performing, REO and performing mortgages.
And now, the company and its more than 500 employees will be under the Pretium umbrella.
According to Pretium, the company is hiring Joe Davila, the former president of servicer solutions of Altisource Portfolio Solutions, to serve as CEO and president of Selene.
“Selene is already a leader in all aspects of mortgage loan servicing, and I am thrilled to join their dedicated team,” Davila said in a release. “We will continue to enhance our clients’ experience by delivering flexible and creative servicing solutions to meet their needs. We will support a renewed growth strategy with a focus on proactivity, innovation and the delivery of outstanding client and consumer interaction models.”
Davila will be leading Selene as it joins Pretium’s growing list of real estate holdings, which also includes Deephaven Mortgage and the company’s sizable portfolio of single-family rentals.
In fact, Pretium bills itself as the “largest private single-family rental owner and operator in the U.S.” and has more than 32,000 single-family rental homes in its portfolio. Pretium owns and operates Progress Residential, which manages its portfolio of single-family rentals.
“Selene’s servicing capabilities complement and continue to expand Pretium’s residential credit ecosystem and we are excited to welcome Selene to our expanding asset management platform,” Pretium Founder and CEO Donald Mullen said. “Joe is a proven executive and we look forward to his leadership and vision, as we seek to create value for Selene’s clients and Pretium’s investors through strong communication and investment in technology and infrastructure.”
Financial terms of the deal were not disclosed.