PDF New Rez Correspondent Lending Partner Reference Guide We need to keep as many of them as possible. The company`s management are M, A, N, A - Harrigan Kevin, M, A, N, A - Williams Bruce, M, A, N, A - Navarro Jack. janedoe@newrez.com). If you take that and then add the if you add the implied value of that $4 per share, our implied book value is between $14 and $15 per share. There is talk you could even take them up to 48% on DTI. Entering text into the input field will update the search result below, statements and to review the risk factors contained in our annual and quarterly reports filed with the SEC. 888-673-5521 | Contact Us | Newrez ANNUAL REPORT (2018) 7 Jan 2019. BUSINESS AMENDMENT. Our easy-to-use platform keeps your data safe and secure while you fill out the application. He is a member of the American Physical Therapist Society and the American Academy of Physical Therapists. My main thing around our investment portfolio today is we are not going to go out and just deploy capital to 5% levered return, it just doesnt make sense, right for our cost of capital. Create additional liquidity for advanced financing, coming through COVID and looking at the forbearance numbers, we estimated some numbers that quite frankly were higher than we needed. He has been a professional therapist for over 10 years and has worked in the field for over 5. We have repositioned the company. Thank you, Jason and good morning everyone. Yes, they are very robust. So, we think there is lot of room to grow. So, what are the some of the important things for our company this year? Baron Silverstein joined us as President, working alongside Bruce and Jack. And then going back to Slide 6, you are estimating that approximately $4, $5 of additional value or little over $4 of additional value from the origination franchise. Jack Navarro - Manager for Newrez LLC - Corporation Wiki When you think about the origination world today, its alive, its well, its robust. Well, we appreciate everybodys support obviously, in this crazy world we all live in. And I do think that in a zero interest rate world, which is kind of how we are all operating in, I dont know that the mortgage REIT space, whether its us or any of our other friends and peers out there should be trading at 10% or 12% dividend yields in this environment. But we are I think we are protected both ways. Think about it this way, the offset between amortization on our MSR portfolio and the origination businesses is a very, very good hedge. Appreciate that color, Michael, Jack. But the other thing I might add is that we will see the special and again not I am not an economist and I am not trying to talk like one, but we will see the special unemployment insurance expire in July and we obviously see an increase in sort of COVID activity around the country. Please go ahead. Some of that integration is fully complete. Our earnings potential is one that should grow over time. Continue To Loan Application. I dont know that amortization is going to slow down anytime soon, because we are in this robust housing market and robust refi market. We have added some we have changed some of our leadership quite frankly in the origination business. Jack Navarro Email Principal and Founder @ MysticRiver LLC View Jack's Email (It's Free) 5 free lookups per month. All of these were strategic around MSRs advances. Jack Navarro Financial Services Entrepreneur/Consultant/ Investor Mystic, Connecticut, United States 230 followers 197 connections Join to view profile MysticRiver LLC Experience Principal /. Page 15, this is talks about helping homeowners during this hard time and obviously always over 185,000 forbearances granted in 2020 year-to-date, thats more than 60 times 2019 volumes. company. During the quarter, we have added about $6 billion to $7 billion of agency mortgages. Performance & security by Cloudflare. BBB Business Profiles may not be reproduced for sales or promotional purposes. Is this happening to you frequently? New York, NY (October 1, 2013) - Shellpoint Partners LLC ("Shellpoint"), a leading residential mortgage origination and investment company, announced today that its wholly owned subsidiary, New Penn Financial, LLC ("New Penn") acquired Resurgent Mortgage Servicing ("RMS") from Resurgent Capital Services ("RCS"). (business & personal). Today, its about 60 basis points. If not, we will continue to focus on other ways to increase earnings across our portfolio. NEWREZ LLC in Raleigh, NC | Company Information & Reviews - Bizapedia But as their earnings grow, we have optionality to increase our ownership to the extent that we want to do that. NEWREZ LLC is an Utah Foreign LLC filed on June 12, 2007. All customer reviews and complaints are handled by the BBB where the company is Headquartered or a central customer processing location. servicing business consists of its performing loan servicing division, Newrez So we will have to we are going to have to see how those things play out. So, I like the way we are positioned, I like I love the valuations where some of these things are. Newrez Groups goals are to grow businesses and manage and consulting services. 888-673-5521 | Contact Us | Newrez What We Offer Need An Expert on Your Side? We have about 25 to 30 different third-party clients and that will continue to grow as we deal with the current COVID-19 pandemic. Is that going to be north of 1.5 or are you close to that run-rate already? *In Canada, trademark(s) of the International Association of Better Business Bureaus, used under License. Actually, just to follow-up on Dougs question in terms of capital or cash liquidity use, you have the high cost debt that you guys took out and which is pre-payable at any time. The CARES Act, I mean, if you are going to get another bill that could be helpful, I think to homeowners. Good morning, Stephen. NewRez Company Profile | Management and Employees List - Datanyze So, whatever we need to do there, we are going to do. So, how do we think about ourselves today? I really appreciate it. Please go ahead. What I would say is we have increased our speeds, our speed assumptions for down the road. And you saw the results in the first quarter. To your point on the origination side, you typically dont get the same valuations, because its a much more volatile earnings stream. NewRez Profile and History. Pre-tax income for the quarter $181 million, thats an increase of 201% quarter-over-quarter. The next question comes from Trevor Cranston from JMP Securities. The exact name of the Foreign Limited Liability Company: The name and address of the Resident Agent: The limited liability company is to be managed by its Managers. {{ userNotificationState.getAlertCount('bell') }}. And then I think I posed this question last quarter, but at what point do you think it makes sense to internalize these investments and further bolster the on-balance sheet operating company? Please go ahead. I gave you an earlier illustration about if we deployed some of that capital at a 15% return, our core run-rate for the quarter would have been $0.40. New Residential Investment Corp. (NRZ) CEO Michael - SeekingAlpha And we extended our existing financing facility with one of our largest lenders through the end of the year. Alright. So, on from a macro perspective, on the geopolitical side, I cant help anybody there. So, on the direct-to-consumer side, if you think about it, again, we have roughly 4 million customers. Our MSR portfolio today $610 billion as of the end of Q2, faster prepayments, faster amortization as a result of this refinance this refi market as well as the purchase market. And again, going back to Stephens question, whether you get another bit, whether you get more money into the system from another bill, when the CARES Act ends at the end of this month, I mean, it all remains to be seen, how this whole this is going to play out. The next question comes from Bose George from KBW. {{ userNotificationState.getAlertCount('bell') }}. And then around that think about the upcoming election and recent ruling by the Supreme Court that could end up impacting the FHFA as far as who runs that being a Presidential appointee? The origination volumes have gone up from approximately $10 billion in a year to $50 billion, which should be about $50 billion this year and our servicing portfolio should end the year give or take about $300 billion. The third-party where we have made other acquisitions, Guardian, where I think the upfront payment was between $6 million and $7 million total with earn-out is about $25 million. The next question comes from Kevin Parker from Piper Sandler. In recent years we've grown to become one of America's "Top 5" non-bank mortgage servicers, with over 2,500 employees based out of offices in South Carolina, Texas, and Arizona. Those are really the probably the two largest off balance sheet investments. None of us have a crystal ball, but the way that we think there is a lot of offsets to the profitability we are seeing in the mortgage company, if the mortgage company stays where it is, you will continue to see higher levels of amortization on our MSR portfolio, but we are really happy originating mortgages and keeping the MSRs at todays valuations. And as we go through the rest of the year, its something thats very important, so we could minimize our MSR amortization and retain our customers. And then just one more quick one I will jump off, do you have a book value update as of today? We are going to make sure we have enough cash on hand to deal with our servicer advances and helping customers through this. The most common NewRez LLC email format is [first_initial] [last] (ex. On behalf of our lender and investor clients, we accept and process mortgage payments from more than 2.3 million homeowners nationwide. In all, NewRez LLC uses 6 work email formats. So thats what put us in this position that, then that we are in we are in a much better spot today probably better than ever, but thats what put us in this position. Search over 700 I get how you are thinking about it. Newrez LLC is a North Carolina Foreign Limited-Liability Company filed on July 17, 2008. Id encourage you to review the disclaimers in our press release and earnings supplement regarding forward-looking statements and to review the risk factors contained in our annual and quarterly reports filed with the SEC. On the retail side, they are even higher than that. Dividend yields, as of June 30, 5.4%. This business is in an industry that may require professional licensing, bonding or registration. (business & personal). I keep harping on this again, recapture in our direct-to-consumer channel. I mean, you hear me say that every time we talk about the company, we make a lot of money in the company, but again, I think we are only scratching the surface whether we do $2 billion or $3 billion, I know from an analyst standpoint, you are looking to fine-tune the estimates. More Mr. Navarro most recently served as a Managing Director in the Mortgage Group at Go ldman Sachs, subsequent to their purchase of Litton Loan Servicing (Litton). Please go ahead. Our focus on customers and helping them through hardships caused by COVID-19 is something we take very seriously and I am very proud of. Jack Navarro Newrez is a highly respected lawyer who has dedicated her life to helping others. We are focused today on obviously our investment portfolio as well as our operating business with low mortgage rates, high margins, elevated refinancing activity. So, what are our options? The player takes on the role of a general in a war-torn land. Get Shane Ross's email address (s*****@newrez.com) and phone number (936229..) at RocketReach. I dont know, when you think about the patch in non-QM, we are in the money-making business. Reduce the risk and leverage, 95%, again, of our investment portfolio, no daily mark-to-market. That makes a lot of sense. Thats going to make between $20 million and $25 million of EBITDA this year. And if you see that as somewhere you could potentially be looking to deploy capital given how low servicing multiples are today or if you guys are primarily just focused on retaining what you can generate through the origination business right now? Continued scale and market share growth across all of our channels. The last significant event in the company history is LC NAME CHANGE which is dated by 1/7/2019. Newrez Physical Therapy is one of the few full-service physical therapy practices in the area. And this maybe is a little more on the macro side that ties into to your origination business as you narrowed the products, you mentioned that kind of moving away from non-QM. Does it make sense to keep it at this level? Rocketreach finds email, phone & social media for 450M+ professionals. I think its a little bit of both. As we do more volume there, obviously the appraisal business will grow, the title business will grow and the overall earnings from those businesses will grow. Please. Jack Newrez is a dedicated therapist who has over 10 years of experience in the field. Page 3. Rajinder Singh Chief Risk Officer Report incorrect company information Key Executive Tracking Receive notifications of key executive changes Get started Executives of similar companies Veterans United Financial Services - Private Indiabulls Housing Finance Financial Services - Public So whether its a three multiple or two multiple, if you look where Penny trades or if you look where Cooper trades and think about those companies, I dont know that we are there yet. We have more cash in our balance sheet today than ever before. Thanks. Jack Navarro Newrez is a physical therapist and owner of Newrez Physical Therapy. The one caveat I would add is Fannie 2.5s are trading $1.045 [ph] to $1.05 [ph] prices. Okay. Since that decision you have seen the government announced the QM Patch will be extended. So, if you think about it today, $10.77 even if the mortgage company broke even and the MSR value was a four multiple instead of a three multiple, you are talking about roughly $4 a share in book value or something close to $15 versus approximately an $8 stock price. And margins today in the origination business have never been better. And obviously, it would be good for the borrower it would be good for the economics of the mortgage and it would be good for you. When we look at our mortgage company, since we acquired the NewRez in 2018, 2018 earnings at the end were $38 million. Where we closed the quarter, give or take, might be slightly higher, because MSR values are a little bit higher right now. Thanks. [Operator Instructions] Please note that this event is being recorded. Your IP: But again, the offset to our $4 is $4 in gain on our MSR portfolio that we marked down north of $1 billion over the course of the past few quarters. 21 Mar 2018. Right now, thats a pretty broad vague answer and I gave you enough. jdoe@newrez.com), which is being used by 87.6% of NewRez LLC work email addresses. Jack Navarro email address & phone number - RocketReach Our book value will be 15. While saying that, two multiples on two handles and low 3s on agency MSRs and private label MSRs are very, very attractive, but I just think that one thing to note is mortgage bankers will continue to refinance loans they create and there is no reason for us to jump in that pool again, we have learned quite frankly, unless this stuff gets much cheaper. So far to-date, our advanced needs have not increased at all. The game is $0. To browse Academia.edu and the wider internet faster and more securely, please take a few seconds toupgrade your browser. The company's filing status is listed as Active and its File Number is 6650700-0161. We think we are going to do a better job. Joining me here today are Michael Nierenberg, our Chairman, CEO and President; Nick Santoro, our Chief Financial Officer and Jack Navarro, President and CEO of the Servicing division of NewRez; and Andrew Miller who runs our MSR portfolio. (PDF) NEWREZ LLC Cal. Sec. of State - Academia.edu Thank you. Founded in 2008 and licensed to lend Find contact details for 700 million professionals. Nondepository Credit Intermediation Credit Intermediation and Related Activities Finance and Insurance. EVP of Asset Recovery and International Relocation @, VP of Strategy and New Product Development @ Merrill Lynch. We are very focused on our marketing efforts. And I will jump back into queue. Its hard as you think about the world that we are in and whats going to happen. Sec. Gain on sale margins continued to be robust for us and everybody else in the industry. But if you think about it, overall total purchase price give or take $25 million and $20 million to $25 million of EBITDA this year in light of the foreclosure moratoriums, its been a great investment and the guys have run that do a great job. Then Kevin, somebody asked, whether its Bose before about, the loan the term loan deploying capital out of 5%, when you are paying an 11% coupon on your debt doesnt make a lot of sense. Page 10. We will lower that cost of debt and pay that off. Have a quick question? Our main thing is if we came to the market and our book value was truly $15, I use the MSR example of $4 per share, so, $10.77 plus $4, lets say its upper 14s and the stock was trading at $8. Its hard for us to tell. One of the things that I pointed out earlier in my opening remarks, we acquired the assets of Ditech. million verified professionals across 35 million companies. Access the headquarters listing for Newrez LLC. Jack Woodburn Email & Phone Number - NewRez | ZoomInfo We have $1 billion in cash. New Penn Financial Business Data 4000 Chemical Rd Suite 200, Plymouth Meeting, PA 19462, USA (888) 673-5521 customerservice@newpennfinancial.com www.newrez.com We do think over time that will normalize. I dont know that anybody does. We need to be able to retain all these customers with the amount of incoming phone calls we have and the amount of personnel we have in the company today, which is far greater than the amount of personnel we have ever had. There is $44 million of debt. Makes sense. Similar Profiles, Head of Servicing at NewRez LLC and Shellpoint Mortgage Servicing and Caliber Home Loans @, Chief Operating Officer and Executive Vice President Client Relations and Business Development @. I guess jumping on the origination side to fine-tune that we will have some of the questions that have been asked before. 162.214.96.61 We got we will be I think will be better around our lead conversion. You can email the site owner to let them know you were blocked. I just want to reference back to your estimates for $6 billion of direct-to-consumer originations in the fourth quarter is approximately a double from what you are doing right now in the second quarter? So overall we are like a 3 multiple, which is again some of the lowest levels we have seen in many, many years. We are able to play offense and defense, again $1 billion in cash on our balance sheet, more cash than ever before, lower our risk profile, lower our leverage. Newrez is member of the New Residential Investment Corp. family. This is the inherent problem with being denied due process, each time the court rules against a litigant on some small issue, there is still more evidence to prove their case, but without discovery and being able to admit the evidence into the record, we are repeatedly denied the due process promised to us in our constitution. Mike, is it an oversimplification to say that you have got basically two businesses, an investment business, where you are going to be focused mainly on agency and keeping our eye open for opportunities?