Its division hits a new milestone
Newrez’s Master Servicing division (NMS) has received recognition from Morningstar DBRS as an acceptable master servicer for DBRS-rated transactions.
This recognition is meant to highlight that the company can effectively manage mortgage servicing responsibilities for its portfolio, which includes over 14,000 loans totaling approximately $1.7 billion as of April 30.
The master servicing portfolio includes a variety of loans, such as seasoned, non-qualified mortgage, and second-lien loans, with six primary servicers managing the accounts. The company has maintained strong performance, ensuring a high level of service and compliance across its operations, it was stated.
“NMS utilizes Newrez’s established infrastructure, ensuring a comprehensive approach to risk management and client servicing,” the lender said in its Press release. “Through its advanced technology, NMS effectively manages master servicing requirements and maintains a high standard of quality control. This recognition from Morningstar DBRS further solidifies Newrez’s position as a leader in the mortgage servicing industry.”
Rithm Capital, Newrez’s parent company, reported strong earnings in the second quarter of 2024, with growth driven by an increase in mortgage servicing rights (MSRs).
Newrez played a key role in this success, originating $14.6 billion in home mortgages during the quarter—an impressive 35.1% jump from the previous quarter. Despite a slight dip in the gain-on-sale margin, servicing revenue grew by 6.2% to $499 million.
Stay updated with the freshest mortgage news. Get exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.
