At Altisource, CEO William B. Shepro says the agreements “strengthen Altisource's existing position as a leading provider of services to the mortgage industry, provide greater visibility into Altisource's revenue and earnings from the Ocwen portfolio and provide a great opportunity to develop and grow relationships with New Residential and PHH.” The acquisition that NRZ made from PHH this past December covered a total of $72 billion UPB in servicing rights.

New York

NEW YORK CITY AND LUXEMBOURG—New Residential Investment Corp. (NRZ) and Altisource Portfolio Solutions S.A. said Monday that they'd entered into an eight-year cooperative brokerage agreement related to about US$116 billion in mortgage servicing rights. It includes a $110-billion non-agency MSR portfolio that NRZ agreed last month to acquire from Ocwen Financial Corp., along with $6 billion in unpaid balance of MSR that NRZ acquired from PHH Morrtgage Corp. this past December.

“By leveraging Altisource's suite of mortgage and real estate services, we aim to maximize returns for investors in the underlying loans and improve the performance of our MSR portfolio,” says Michael Nierenberg, NRZ's chairman and CEO. “We believe this is a mutually beneficial partnership and we look forward to working closely with Altisource.”

In addition to the cooperative brokerage agreement, NRZ and Luxembourg-based Altisource have entered into a letter of intent to negotiate a definitive services agreement. The agreement would entail Altisource becoming the exclusive provider of certain fee-based services with respect to NRZ's Ocwen portfolio.

Already, Altisource has long-term service agreements with Ocwen to provide various fee-based services on an exclusive basis. NRZ and Altisource have also committed to work together to seek further opportunities to expand their relationship.

At Altisource, CEO William B. Shepro says the agreements “strengthen Altisource's existing position as a leading provider of services to the mortgage industry, provide greater visibility into Altisource's revenue and earnings from the Ocwen portfolio and provide a great opportunity to develop and grow relationships with New Residential and PHH.” The acquisition that NRZ made from PHH this past December covered a total of $72 billion UPB in servicing rights.