The acquisition, once consummated, will put New Residential in the business of originating loans directly to consumers. It also could have CFPB implications…
The recent announcement that New Residential Investment Corp. will buy the New Penn mort-gage banking operation of Shellpoint Partners is fueling speculation that more publicly traded real es-tate investment trusts might dive into the business of residential lending.
According to figures compiled by Inside Mortgage Finance, New Residential ranks fifth among all residential servicers with $343.0 billion of contracts at Sept. 30. New Penn ranks 46th among lenders.
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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