As we sit in this robust housing market, robust refinancing market, we want to make sure that we continue to perform extremely well there. Again, in the quarter, $205 million in pre-tax income, thats 127% increase quarter-over-quarter. Our investment portfolio is no different than its ever been. Thank you. The company`s registered agent is CORPORATION SERVICE COMPANY 1201 HAYS STREET, TALLAHASSEE, FL, 32301. Do you think it do you think you will eventually get credit for that $4 in book value in the market or do you feel like its it might be better as a separate entity? I would like to welcome you today to New Residentials second quarter 2020 earnings call and thank you all for joining us. One of the things that I pointed out earlier in my opening remarks, we acquired the assets of Ditech. Its not the easiest thing based on the volumes. So, what are the some of the important things for our company this year? And lastly, on the forbearance down I think 60 basis points, if I remember the numbers from the slide deck to high 7%. I am confident that we will continue to be able growing book, creating more earnings, and getting the dividend back to a normalized run-rate and hopefully seeing our share price back in the double-digits. Thank you, Jason and good morning everyone. Please go ahead. Jack Navarro Financial Services Entrepreneur/Consultant/ Investor Mystic, Connecticut, United States 230 followers 197 connections Join to view profile MysticRiver LLC Experience Principal /. International Association of Better Business Bureaus. Now, I am going to flip to Page 12, on the origination side. Servicer advances, I am not going to spend a lot of time on again, because nothing has changed in the quarter. We still have $75 billion to $80 billion of call rights. (888) 673-5521 Company NewRez Bruce Williams Current Workplace Bruce Williams has been working as a Vice Chairman at NewRez for 2 years. We have a lot of work to do. We think we are going to be about our target is to be at $2 billion by September. We will now begin the question-and-answer session. Volume quarter-over-quarter is up 44%. Thank you. Okay. Find contact's direct phone number, email address, work history, and more. One is we are not seeing a lot of MSRs come to market in the bulk market. Yes, June we did $1.2 billion. The game is designed to be very informative, with a writing style that is informative and formal. NEWREZ LLC Cal. 75 BEATTIE PLACE, SUITE 300 GREENVILLE, SC 29601 USA, 1100 VIRGINIA DRIVE, SUITE 125 FORT WASHINGTON, PA 19034 USA, Business Services Division | Its not something that we are going to just jump back in unless we think we have robust gains. We need to provide better service. That makes sense. Similar Profiles, Head of Servicing at NewRez LLC and Shellpoint Mortgage Servicing and Caliber Home Loans @, Chief Operating Officer and Executive Vice President Client Relations and Business Development @. NAVARRO, manager SPENCER . This partnership will also help us in our direct-to-consumer business. Sec. And again, going back to Stephens question, whether you get another bit, whether you get more money into the system from another bill, when the CARES Act ends at the end of this month, I mean, it all remains to be seen, how this whole this is going to play out. I really appreciate it. But I think anything everything is on the table right now, depends what happens down the road. Thats great. They provide a broad suite of what I would call tech-enabled solutions to originators and servicers, obviously, a little bit harder to get out there from a travel perspective and create more from a sales standpoint and drive more revenue. Jack Navarro and his team do a fabulous job leading that side of our organization and working with our customers. Page 3. I will talk about MSRs on Page 17. That makes a lot of sense. Our servicing business will continue to work and help homeowners move from forbearance to permanent solutions whether it be repayment plans, deferments, loan mods, whatever we need to do there to help homeowners will continue to do. Some of our facilities even go out 2 years and some of our loan on some of our loan portfolios. Performance & security by Cloudflare. Great. The earnings will be impacted negatively. They are in the property prints business obviously with foreclosure moratoriums and REO moratoriums out there. When the arbitrage comes back and spreads tighten, we will get back in the game in calling deals. The most common NewRez LLC email format is [first_initial] [last] (ex. [last] (ex. We termed out and reduced our daily mark-to-market exposure of our investment portfolio. Is it that there is continued refi demand at the levels that we saw in the second quarter or is there specific recapture rates that are going to jump because of marketing programs or different targeting programs that you are doing? In addition, we will be discussing some non-GAAP financial measures during todays call. Just to try and get a sense of where the margin is coming from and how much of a difference there is from DTC? The company's filing status is listed as Active and its File Number is 6650700-0161. The direct-to-consumer channel is very important to our recapture efforts and customer retention. But as their earnings grow, we have optionality to increase our ownership to the extent that we want to do that. Dividend yields, as of June 30, 5.4%. And then I you talked a little bit about mods, last time there has been some discussion in the press, but no verification from anyone that as we get to the tail end of this whole forbearance equation that we will get something, HAMP or HARP 2.0 nowhere, some form of streamlined refinance, so someone who has been in forbearance for 3 to 12 months can then get out there and take advantage of really low interest rates. And then just one more quick one I will jump off, do you have a book value update as of today? If you look at our operating company and put some multiple on the earnings, if you take our earnings for our pre-tax earnings estimate for 2020, which we estimate to be between $750 million and $800 million and put approximately a three multiple on that, that will give the enterprise value of something a little bit north of $2 billion. Thanks, Kate. But do you have any kind of hedging to rates moving lower or you and how are your hedges in terms of rates moving higher or you are kind of leaving that optionality open at this point? When we look at the company today, our market cap is $3.1 billion. Create additional liquidity for advanced financing, coming through COVID and looking at the forbearance numbers, we estimated some numbers that quite frankly were higher than we needed. offering a breadth of industry-leading products, supported by a loan process The next question comes from Henry Coffey from Wedbush. Appreciate that color, Michael, Jack. NEWREZ LLC has been set up 7/17/2008 in state DE. Please go ahead. Some of that integration is fully complete. The relationship with Salesforce that was announced is something that we think is going to help us with that process. We are not going to payback the loan today. Founded in 2008 and licensed to lend in multiple states, NewRez is headquartered in Fort Washington, Pennsylvania. Today, again, its going to be approximately $800 million. Cloudflare Ray ID: 7c0b0afca939e190 Our customers or the capital thats allocated to us, we have a fiduciary responsibility to drive high returns for our shareholders, and we are going to continue to do that. The player takes on the role of a general in a war-torn land. Academia.edu no longer supports Internet Explorer. Jack Navarro is the President of Shellpoint Mortgage Servicing. Phone: Website: www.newrez.com. Is that part of the strategy in terms of growing your direct-to-consumer margin once people kind of re-perform for a few months that you can go out and hopefully recapture that refinance or are you trying to find you, is it just more portfolio-wide recapture that will drive the volume this year? Our focus on customers and helping them through hardships caused by COVID-19 is something we take very seriously and I am very proud of. Where we closed the quarter, give or take, might be slightly higher, because MSR values are a little bit higher right now. of State . The company`s management are M, A, N, A - Harrigan Kevin, M, A, N, A - Williams Bruce, M, A, N, A - Navarro Jack. If you're not automatically redirected, please click here. How much longer must the People of this once great nation continue to suffer from that judicial corruption which allows the government to steal their homes on behalf of wealthy people and corporations??? Our prepayments fees are 20% slower than the industry average in June. So, I like the way we are positioned, I like I love the valuations where some of these things are. ANNUAL REPORT (2018) 7 Jan 2019. BUSINESS AMENDMENT. As we think about forbearance requests, again I pointed out ShellPoint has a great reputation in the industry. Jack Newrez is a dedicated therapist who has over 10 years of experience in the field. Reezorz is a new game from developer Navarro that provides an informative writing style and formal writing tone. Up to 5 We dont have any control on whats going to happen with CFPB and FHFA and what we need to do is continue to perform for our customers and continue to do what we need to do there. I would now like to turn the conference over to Kaitlyn Mauritz with Investor Relations. And then around that think about the upcoming election and recent ruling by the Supreme Court that could end up impacting the FHFA as far as who runs that being a Presidential appointee? One is recapture. He believes that physical therapy is the key to a healthy life and Jacks mission in life is to help his patients achieve their full potential. As I pointed out earlier, 95% of our investment portfolio away from agency mortgage-backed securities have no daily mark-to-market or having margin holiday, continue to build out a great origination and servicing company, our mortgage company. The company's filing status is listed as Current-Active and its File Number is 1054213. I think its twofold. Would it be surprising? Ginnie multiples, the way that where we are are in the mid 2s. 2023, International Association of Better Business Bureaus, Inc., separately incorporated Better Business Bureau organizations in the US, Canada and Mexico and BBB Institute for Marketplace Trust, Inc. All rights reserved. ANNUAL REPORT (2020) 31 Jan 2020. I think for us we will, NewRez needs to standalone by itself. Get contact details including emails and phone numbers We dont want to just put capital out there because you are in a uncertain world, $0.10 versus our normalized run-rate of $0.50. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. As we get better and we have plenty of room to improve, our profits will increase and our MSR amortization will be lower. When -- if you think about it this way, if amortization really slows down at some point in the mortgage company, lets say does less volume, a one churn on our MSR portfolio is worth about $1.5 billion of $4 in book value. This is why the point that we continue to hammer home is that we need to get better in that direct-to-consumer channel, because not only is it going to help us retain our customers, its going to drive a lot more earnings through our through the system for shareholders. jdoe@newrez.com), which is being used by 87.6% of NewRez LLC work email addresses. (business & personal). More information is available at www.newrez.com. You say I'm ancient; I say I'm wise. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. We did Ditech in 2019. So, all-in-all, those three business, its really two off balance sheet businesses for the most part should continue to do fine. The loan business today is $2 billion. Entering text into the input field will update the search result below, statements and to review the risk factors contained in our annual and quarterly reports filed with the SEC. But the market typically puts very little multiple on those types of earnings, just given the volatility associated with it and what we have seen out there, but it seems like your comps are improving significantly. Its a great question, Kevin. Page 13. We are evaluating the non-QM business again. All complaints are handled by the BBB where the company is Headquartered or a central customer complaint processing location. She is known for her dedication to her clients and her ability to work diligently andicably through difficult times. Yes, Michael. Save $1,000 on closing costs when you purchase with us. Great. million verified professionals across 35 million companies. Again, we have 5,500 dedicated professionals across our company who are doing a great job with most of them working remotely. When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints. More JACK . All customer reviews and complaints are handled by the BBB where the company is Headquartered or a central customer processing location. There still are some, but they have come down significantly and the number of people who have said their hardship is over and they are ready to move to a permanent solution have increased and the overall number of forbearances has gone down. NewRez Profile and History. Sign up for a free account. Id encourage you to review the disclaimers in our press release and earnings supplement regarding forward-looking statements and to review the risk factors contained in our annual and quarterly reports filed with the SEC. This is one of the most important things that we continue to focus on. And with the Fed buying all these mortgages, I am not sure that they need to do anything more than that, but I just dont know. Please go ahead. But again, the offset to our $4 is $4 in gain on our MSR portfolio that we marked down north of $1 billion over the course of the past few quarters. And I know you said you didnt like kind of securities right now, but what assets would you want to deploy into? So, those trends are pretty clear. Newrez LLC (Newrez) is a leading nationwide mortgage lender and servicer. Page 15, this is talks about helping homeowners during this hard time and obviously always over 185,000 forbearances granted in 2020 year-to-date, thats more than 60 times 2019 volumes. All of these were strategic around MSRs advances. If not, we will continue to focus on other ways to increase earnings across our portfolio. And switching over to mortgage volumes, you guys guided to $45 billion to $50 billion for the year, what was the run-rate in June. I would say the were starting to see a little bit of tightening on the corresponding side, but the direct-to-consumer, the third-party originated stuff, our JV business very, very robust margins. Okay, got it. And if you see that as somewhere you could potentially be looking to deploy capital given how low servicing multiples are today or if you guys are primarily just focused on retaining what you can generate through the origination business right now? We are monitoring rates at the end of March, 3/31 the 10-year Treasury was 66 basis points. No credit card required. He has been a professional therapist for over 10 years and has worked in the field for over 5. And one last quick one on thinking about kind of how you are hedging out the portfolio as a whole, obviously, MSR values are close to at some of the lowest levels we have seen in the long time. The one thing I would say is we have been we have acquired a few large packages of bulk MSRs over the course of the past couple of years. Good morning, everyone and thanks for joining us. Origination and servicing business continue to be a primary focus. I guess jumping on the origination side to fine-tune that we will have some of the questions that have been asked before. (business & personal). Just curious, is the June volumes suggesting a run-rate that kind of gets you to that $25 billion to $30 billion for the back half of the year? I was just curious what kind of margins you are generating on the direct-to-consumer side of the platform versus kind of JV retailing and some of your and some of the correspondent as well. The way we are going to do that is grow our direct-to-consumer business. And with that, I will turn the call over to Michael. So what do you think you are going to put if you did one 1.2 in June, where do you think thats going to end up in July? The game is a bit challenging to play, but it is worth it for the features this game offers: a first-person view, 4-player online multiplayer, and the ability to create and customize your own forces. Alright. You can email the site owner to let them know you were blocked. They have been able to work with young, innovative businesses and have been able to grow them into successful businesses. Book value $10.77 per diluted share and thats up from $10.71 at the end of 3/31 and 3/31, reason not higher again faster amortization on our MSR portfolio. Newrez Group has been successful in the past by working with young, innovative businesses. Recent filings for NEWREZ LLC. Right now, thats a pretty broad vague answer and I gave you enough. NewRez is member of the New Residential Investment Corp. family. free lookups / month. But again, we dont want to just put out capital without getting credit for it. We are focused today on obviously our investment portfolio as well as our operating business with low mortgage rates, high margins, elevated refinancing activity. And then finally on our COVID stuff, as we think about forbearance, forbearance numbers continue to decline. Mike, is it an oversimplification to say that you have got basically two businesses, an investment business, where you are going to be focused mainly on agency and keeping our eye open for opportunities? NewRez formerly New Penn Financial. Please go ahead. You are going to hear that word today. The name and business address of each Manager: North American Industry Classification System Code(NAICS): Click here to access 2006 and 2007 annual reports filed prior to July 25, 2007. Thank you. Rajinder Singh Chief Risk Officer Report incorrect company information Key Executive Tracking Receive notifications of key executive changes Get started Executives of similar companies Veterans United Financial Services - Private Indiabulls Housing Finance Financial Services - Public We need to be able to retain all these customers with the amount of incoming phone calls we have and the amount of personnel we have in the company today, which is far greater than the amount of personnel we have ever had. View Jack Woodburn's business profile as Production Support at NewRez. 21 Mar 2018. Is this happening to you frequently? Reduce the risk and leverage, 95%, again, of our investment portfolio, no daily mark-to-market. Good morning. The next question comes from Stephen Laws from Raymond James. NewRez is part of the Finance industry, and located in Pennsylvania, United States. Thank you for attending todays presentation. And getting back to, again, my opening remarks of double-digit, a double-digit stock price, book value we think is understated. How do we think about our company? [Operator Instructions] The first question comes from Doug Harter from Credit Suisse. So, what does all this mean? So, on from a macro perspective, on the geopolitical side, I cant help anybody there. So we will have to we are going to have to see how those things play out. He is the co-founder and CEO of Newrez Group, a management and consulting company. Page 8, our balanced portfolio investments. The securitization markets are open. Objection to lying lawyers' BS yet again, for what good it will do, REQUEST FOR JUDICIAL NOTICERE ZBS LAW, LLC IS A DIFFERENT ENTITY THAN LAW OFFICES OF LES ZIEVE, A PROFESSIONAL CORPORATION, This report presents the findings from a survey of participants at the Viva CalleSJ open streets event held on October 11, 2015. Gain on sale margins continued to be robust for us and everybody else in the industry. So, how do we think about ourselves today? Email: loanservicing@newrezservicing.com FIRST PAYMENT ADDRESS: PO Box 740039 Cincinnati, OH 45274-0039 How does that change origination channel? Newrez Group has a history of working with young, innovative businesses and has been successful in the past in the global market. And we need to be mindful of that in how we think about the agency business versus our MSR business. information is available at www.Newrez.com. How do we compare our portfolio to the industry? Rhode Island Department of State. So, there are a couple of things. Introducing Purchase Perks! And I think the combination of all of those should enable us to get to a much better place and do more in the direct-to-consumer channel and retain more customers. Core earnings $140 million or $0.34 per diluted share. We are going to hire a new Chief Marketing Officer in the markets now working on that higher. So, if you think about it today, $10.77 even if the mortgage company broke even and the MSR value was a four multiple instead of a three multiple, you are talking about roughly $4 a share in book value or something close to $15 versus approximately an $8 stock price. We have agency mortgages, which hedge your MSR business. Our easy-to-use platform keeps your data safe and secure while you fill out the application. And again, Jack and his team do a fabulous job. This overall, we do a good job now, volumes are elevated, processing loans and not only for us for the industry and this is why you are seeing such robust margins on some of these channels. We have about 25 to 30 different third-party clients and that will continue to grow as we deal with the current COVID-19 pandemic. And one of the thing and our main focus here in the direct-to-consumer channel will hopefully pay off as we retain more customers, we drive down our MSR amortization and we continue to create profits for our company as direct-to-consumer margins are very robust. Thats helpful. What are your thoughts about paying some of that back? Thank you. They want to be part of the future and work with companies that have a future. So far to-date, our advanced needs have not increased at all. This rating reflects BBB's opinion about the entire organization's interactions with its customers, including interactions with local locations. On the servicing side, Page 14, $24 million in pre-tax income in Q2, servicing portfolios increased 74% year-over-year. We dont know what the future brings. Thats where we are going to capitalize on the origination side. ANNUAL REPORT (2017) 23 Mar 2017. New Residential Investment Corp. (NRZ) Q2 2020 Earnings Conference Call July 22, 2020 8:00 AM ET, Michael Nierenberg - Chairman, Chief Executive Officer and President, Jack Navarro - President and Chief Executive Officer, Servicing, NewRez. I dont think its necessarily today. We want to be prudent and make sure we are very conservative here. This concludes our question-and-answer session. This is a sheet we would like to talk about, our implied book value, stated book value $10.77. One is we are going to carry higher cash and reserves today than we have right until the world normalizes. Our main thing is if we came to the market and our book value was truly $15, I use the MSR example of $4 per share, so, $10.77 plus $4, lets say its upper 14s and the stock was trading at $8. NewRez is a nationwide lender that focuses on offering a breadth of industry-leading products, supported by a loan process that blends both human interaction and the benefits of technology into an unparalleled customer experience. The corporate ID is required. I think there is a ton of upside as we think about the MSR business. And I will jump back into queue. So, March and April were a little bit lower. And then the origination servicing business, where you see a lot of growth and that business is you are going to keep pouring capital into that business. Page 2 is really just a little bit of a snapshot of our business. There is $44 million of debt. Up to 5 Hey, thanks. Coming out of COVID, we set forth a number of objectives and I just want to highlight a few of them. Its much smaller. We are one of the new kids on the block and we look forward to actually improving our company. I look forward to hearing from you soon. BBB Business Profiles generally cover a three-year reporting period. Our Mission Serve our homeowners He has been a favorite of the local news and many local and state politicians. Thats what we are living with today. Can you talk about any positives or negatives that either you could benefit or hurt you guys as you think about the changes taking place in the. Returns overall, again, we are not going to go out into play a lot of capital and levered returns in the mid single servicer advances. We put that slide in there, closed the quarter at $10.77. I dont know that amortization is going to slow down anytime soon, because we are in this robust housing market and robust refi market. Production again about $50 billion and obviously the return on equity is return over our capital, approximately 200% in Q2.
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