This is a company that deals with investing in real estate more so the residential sector. It was started in 26th September 2011. It was formally owned by the Newcastle investment corporation and became an independent entity that is publicly traded on 15th of May 2013. The Corp is advised and managed externally by Randal Nardone of the Fortress Investment group. The aim of this company is to invest in excess mortgage servicing rights, mortgage servicing rights, real estate security, servicer advances, residential mortgage loans and consumer loans. According to research. Almost 74% of the mortgage servicing rights are owned by banks though the number is continuously reducing due to the pressure on banks for the reduction of their Mortgage servicing rights.
This has been an advantage to the New Residential Investment corporation as an opportunity has presented itself for them to invest in the excess Mortgage servicing rights that the banks sell. The investment opportunities presented by the mortgage servicing rights in the market is about 10 trillion dollars thus a huge investment opportunity. As per the figures in 2017, the New Residential Investment corp was able to pay out more than 1.7 billion dollars as dividends to their shareholders. Their net investments in the mortgage servicing rights was at 2.3billion dollars, the servicing advances at 159million dollars, the residential securities at 1,5billion dollars, the residential loans at 524million dollars and the consumer loans at 128million dollars.
With such investments they achieved a total lifetime return of 85%. The New Residential Investment corporation in November 2017 signed an agreement that made them acquire Shellpoint Partners at a cost of 190million dollars. There are several career opportunities in the New Residential Investment corp. Some of the jobs include: Real estate associate, Regional director of operations in Beztak and the oakland management corp, data operations analyst at the Fortress investment group, a salesforce developer, a FRI program Governance Senior Group Manager and many other jobs that will offer an opportunity to experience limitless career growth potential. The company 8 technology products,16 technologies for their website and aims to spend 12.3 million dollars on IT.