|9 Months Ended|
Sep. 30, 2019
|Subsequent Events [Abstract]|
These financial statements include a discussion of material events that have occurred subsequent to September 30, 2019 (referred to as “subsequent events”) through the issuance of these condensed consolidated financial statements. Events subsequent to that date have not been considered in these financial statements.
On October 1, 2019, New Residential completed its purchase of Ditech’s forward Fannie Mae, Ginnie Mae and non-agency MSRs with an aggregate UPB of approximately $62.0 billion as of August 31, 2019, the servicer advance receivables relating to such MSRs and other assets core to the forward origination and servicing operations. Additionally, New Residential assumed certain Ditech office spaces and added approximately 1,100 Ditech employees to support the increase in volume to its existing origination and servicing operations. The approximate purchase price at the closing was $1.2 billion and the acquisition was financed via financing facilities and cash on hand.
On October 4, 2019, New Residential issued a securitization of approximately $1.73 billion UPB of reperforming residential mortgage loans for net proceeds of $1.67 billion.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef