Quarterly report pursuant to Section 13 or 15(d)

SUBSEQUENT EVENTS

v3.19.3
SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2019
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS
 
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.

Corporate Activities

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.