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.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
