Since inception, New Residential has created substantial long-term value and proven the strength of our strategy through execution and performance and are committed to building on this strength.
1. Prior to the execution of the related agreements with Ocwen, New Residential held certain economic interests in approximately $110.0 billion of UPB of non-Agency MSRs serviced by Ocwen. Pursuant to this transaction, Ocwen agreed to transfer to New Residential Ocwen’s remaining interests in such MSRs. As of June 30, 2019, not all of the MSRs had transferred to subsidiaries of New Residential. The transfer of Ocwen’s interests in the remaining MSRs is subject to numerous consents of third parties, including securitization trustees and rating agencies, and New Residential’s satisfaction of certain requirements set forth in the related securitization transaction documents. While we continue to pursue acquisition of the MSRs that have not yet transferred, there is no assurance that we will be able to do so in the near term or at all. See “Disclaimers” at the beginning of this Presentation for more information on forward looking statements.
2. Expect to close prior to September 30, 2019.