Boston, MA 07/09/2013 (wallstreetpr) – New Residential Investment Corp. (NYSE:NRZ) recently announced that it completed the closing of the excess mortgage servicing rights that the company agreed to acquire. The agreement to acquire the excess MSR was entered into by New Residential Investment Corp. (NYSE:NRZ) as part of a transaction announced earlier between Bank of America and the Nationstar Mortgage LLC.
This closing of the excess MSR by New Residential Investment Corp. (NYSE:NRZ) had to do with the previous loans held by the company under the private label securitization, amounting to an unpaid principal balance of $43 billion on an aggregate basis. This amount represents around 45 percent of the total unpaid principal balance that is currently held by the company.
New Residential Investment Corp. (NYSE:NRZ) has so far invested around $53 million in order to acquire the Mortgage Servicing Rights which will entitle the company to receive one third of the monthly cash flow generated to Nationstar over the mortgage servicing rights. Subject to further closing procedures and other regulatory approvals, New Residential Investment Corp. (NYSE:NRZ) is expected to close down the remaining part of the transaction by the third quarter of this fiscal year.
Shares of New Residential Investment Corp. (NYSE:NRZ) made gradual gains throughout the trading session on Monday and recording recently a huge average trading volume of 3.50 million shares per day. The company currently holds 253.03 million shares outstanding in the market and has a market capitalization of $1.50 billion.
New Residential Investment Corp. (NYSE:NRZ) operates as a Real Estate Investment Trust in order to fulfill the requirements of the federal income tax purposes. The company is actively engaged in managing its investments related to residential real estate properties.
