New Residential closed another huge mortgage servicing rights deal earlier this month, in addition to an earlier deal inked two months ago with affiliate Nationstar Mortgage.
The latest closing relates to those BofA loans — held in private label securitizations with an unpaid principal balance of $43 billion, representing 45% of the Nationstar acquisition.
In that deal, New Residential invested $38 million to acquire the right to receive one-third of the monthly cash flow generated by the MSRs.
Currently, New Residential invested approximately $53 million to acquire the right to receive one-third of the monthly cash flow generated by the mortgage servicing rights. As before, Nationstar retains one-third interest in the portfolio. New Residential does not own the right, technically, and holds no liability.