Over the past few months, lenders have recorded record business when it comes to new originations and refinances. New Residential Investment Corp. is using its mortgage business profits to pull the company toward recovery after first and second-quarter losses due to COVID-19 challenges.
Primarily known for its servicing activities, NRIC operates a diversified business with multiple business lines, including NewRez – formerly New Penn Financial, Shellpoint Mortgage Servicing, title and settlement services provider Avenue 365 and eStreet, an appraisal management company. New Residential also made strategic investments in Covius Holdings, a provider of technology-enabled services to the financial services industry, and Guardian Asset Management, a provider of field services and property management.
NRIC’s mortgage banking affiliate, NewRez, funded $8.3 billion of residential loans in the second quarter of 2020, a decrease of 27.2% from last year. To put this in perspective, this represents one of the lowest showings so far among top 40 producers tracked by Inside Mortgage Finance.