We look forward to performing for our shareholders and updating you throughout the quarter and on our next earnings call. I would like to see our I want to we want to get back to book value. Sign up for a free account. Well, we appreciate everybodys support obviously, in this crazy world we all live in. For the quarter, GAAP net loss of $8.9 million or $0.02 per diluted share, thats due to the faster amortization we saw on our MSR portfolios. Things are going to be much more automated and the process will be much more seamless than a so-called manual process via the telephone. It bothers us tremendously that we are trading where we are. You can email the site owner to let them know you were blocked. He has been a professional therapist for over 10 years and has worked in the field for over 5. 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. Today, its about 60 basis points. He is a member of the American Physical Therapist Society and the American Academy of Physical Therapists. 75 BEATTIE PLACE, SUITE 300 GREENVILLE, SC 29601 USA, 1100 VIRGINIA DRIVE, SUITE 125 FORT WASHINGTON, PA 19034 USA, Business Services Division | Jack is a dedicated therapist who cares about his patients and takes the time to learn about each ones story. Page 8, our balanced portfolio investments. Bachelor of Business Administration - BBA (Real Estate and Urban Economic Studies), If you're not automatically redirected, please click here. Good morning and welcome to the New Residential Second Quarter 2020 Earnings Conference Call. The game is $0. This is one of the most important things that we continue to focus on. Following is evidence of her rescissions. So, we will monitor it. Continued scale and market share growth across all of our channels. Location of This Business 3401 Olympus Blvd STE 100, Coppell, TX 75019-0012 Biden on Fox News' recent costly defamation settlement: "It . So, on the what I would call the off balance sheet stuff, Avenue 365 and East Street which are a title and appraisal company. One is there is unsecured debt as those markets continue to tighten, its something that we look at daily, but we will carry more capital on our balance sheet. Page 6. Looking for more information? The company's filing status is listed as Active and its File Number is 6650700-0161. We are going to hire a new Chief Marketing Officer in the markets now working on that higher. Ms. Brown had already done that. Page 10. Middle Name Last Name Suffix Jack Navarro Entity Name Address City (no abbreviations) State Zip Code 75 Beattie Place, Suite 300 Greenville SC 29601 First Name Middle Name Last Name Suffix Kevin Harrigan Entity Name Address City (no abbreviations) State Zip Code 1100 Virginia Drive, Suite 125 Fort Washington PA . NewRez formerly New Penn Financial. 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. of State . 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. Jack Navarro - President and Chief Executive Officer, Servicing, NewRez Andrew Miller - President, MSR Conference Call Participants Doug Harter - Credit Suisse Bose George - KBW Stephen Laws. You may now disconnect. NEWREZ LLC is an Utah Foreign LLC filed on June 12, 2007. And we extended our existing financing facility with one of our largest lenders through the end of the year. So, how do we think about ourselves today? My main thing around our investment portfolio today is we are not going to go out and just deploy capital to 5% levered return, it just doesnt make sense, right for our cost of capital. No credit card required. Newrez Group has a history of working with young, innovative businesses and has been successful in the past in the global market. Please go ahead. They have been able to work with young, innovative businesses and have been able to grow them into successful businesses. Up to 5 Yes, I just want to understand the exit rate in the trajectory? And then also I guess how do you consider share repurchase in that equation given the discount to book that you currently trade at? I have some thoughts but Jack Navarro, who is my partner and our partner is on the phone. But I think anything everything is on the table right now, depends what happens down the road. New Penn Financial Business Data 4000 Chemical Rd Suite 200, Plymouth Meeting, PA 19462, USA (888) 673-5521 [email protected] www.newrez.com Our company today is stronger than ever. Some of that integration is fully complete. Does it make sense to keep it at this level? 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? I am very excited about the opportunity to learn more about English and to work on my novel. We ended the quarter with $2.2 billion of unused capacity for advances. Newrez Group has been successful in the past in the global market. My name is You can reach me at and I would like to discuss Thanks, Kate. 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??? On the loan side, we set out coming out of or not out of COVID, but coming out in March to get rid of as much as of our daily mark-to-market financing. As we sit in this robust housing market, robust refinancing market, we want to make sure that we continue to perform extremely well there. Get 5 free searches. free lookups / month. Is that going to be north of 1.5 or are you close to that run-rate already? BBB Business Profiles are subject to change at any time. I give it a 7 out of 10. Hey, good morning, Mike. Thats what we are living with today. So, the one thing I want to be clear about is its not about doing $40 billion or $50 billion, its about how much money we can make for shareholders. Good morning. Well, Guardian, we own 100% of, Covius we own 26% of, we would like to see, so Guardian we own and Covius depending upon how they do, we are very fond of the management team there. On the loan portfolio, today, 91% of the portfolio has no daily mark-to-market. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. How do we compare our portfolio to the industry? Here's a list of some of the top trending technologies and APIs used by NewRez. I would like to turn the conference back over to Michael Nierenberg for any closing remarks. Its not something that we are going to just jump back in unless we think we have robust gains. As we think about the cost of capital, the loan itself is an 11% coupon. information is available at www.Newrez.com. Covius, we have $64 million into that. A reconciliation of these measures to the most directly comparable GAAP measures can be found in our. [Operator Instructions] Please note that this event is being recorded. And then going back to Slide 6, you are estimating that approximately $4, $5 of additional value or little over $4 of additional value from the origination franchise. 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. Newrez Group wants to be a part of the future and work with companies that have a future. Alright, thanks for taking my questions. [last] (ex. But that company should do between $20 million and $30 million of EBITDA this year. I dont know who loses, but is that a reality or is that just some discussion in the press? 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. We did the HLSS deal in 2015. Click to reveal Founded in 2008 and licensed to lend in multiple states, NewRez is headquartered in Fort Washington, Pennsylvania. The next question comes from Trevor Cranston from JMP Securities. 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. From a servicing perspective, continue to de-risk our servicing counterparties. Newrez is here to guide you through the mortgage loan process. Our earnings potential is one that should grow over time. Principal and Founder at Mystic River Building . [email protected]). Hey, thanks. Thats why we are excited to create it where we are right now. Jack Navarro President & CEO - Servicing Div. Its I would say anything and everything is on the table as we think about driving our share price higher. 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. And then in terms of the change in the fair value of the MSR this quarter, can you give us a split in terms of how much of that was due to realized payoffs this quarter versus the interchange and expected prepays and change in market multiples going forward? Kind of following-up on Doug and Boses question, but just still want to gain on sale margin clearly much higher for the direct-to-consumer, from your slides. Rhode Island Department of State. As I pointed out by the end of this quarter, we should be almost 100% of non-daily mark-to-market financing. Founded in 2008 and licensed to lend in 50 She is known for her dedication to her clients and her ability to work diligently andicably through difficult times. Hope you are doing well. 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. Thanks. Reezorz is a new game from developer Navarro that provides an informative writing style and formal writing tone. The game is set up like a real-time strategy game, with moments of strategic pause and play that the player can use to improve their forces. So, what are our options? Its not the easiest thing based on the volumes. We have more cash in our balance sheet today than ever before. Market Square Plaza, 17 North 2nd St Suite 1300. Its much smaller. We are evaluating the non-QM business again. Great. So I think we will focus where we can on things that we that makes sense. He has been on the local and state news programs and has been quoted in The New York Times, Wall Street Journal, and other top-tier publications. Its a little bit of everything. First question, can you just talk about your off balance sheet investments in operating companies a bit more how those companies have been performing recently? offering a breadth of industry-leading products, supported by a loan process To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles. Thanks. The game is designed to be very informative, with a writing style that is informative and formal. 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. 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. International Association of Better Business Bureaus. 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? To browse Academia.edu and the wider internet faster and more securely, please take a few seconds toupgrade your browser. All participants will be in listen-only mode. You see them in the advances you mentioned that earlier. Thank you for attending todays presentation. How do we think about our company? More And as a result, you are probably give or take in the 25ish basis point range. In recent years we've grown to become one of America's "Top 5" non-bank mortgage servicers, with over 2,500 employees based out of offices in South Carolina, Texas, and Arizona. What I would say is we have increased our speeds, our speed assumptions for down the road. Appreciate that color, Michael, Jack. So its essentially unchanged. 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. We will lower that cost of debt and pay that off. Is that the simplest way to think about it? We have added some we have changed some of our leadership quite frankly in the origination business. Newrez LLC (Newrez) is a leading nationwide mortgage lender and servicer. And as we go through the rest of the year, its something thats very important, so we could minimize our MSR amortization and retain our customers. We will do better once we come out of this kind of COVID-19 world. Origination servicing, thats part of our mortgage company and then we have our investment management business, which is no different than what its ever been. Can you talk about whats driving the increase in volume there, what initiatives and efforts have you guys made and what have you had to do that can continue to drive that mix higher to increase the blended mix across the origination platform? (business & personal). I am not going to we are not going to just go out and do this term loan and then turn around and pay it back a month later, because we think the world is safe, because we just don't know. Thank you, Jason and good morning everyone. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile. I am now going to refer to our supplement, which has been posted online and I will begin with Page 2. We have $1 billion in cash. So, I like the way we are positioned, I like I love the valuations where some of these things are. Whether you're looking to buy a new home, refinance, or get cash from your home's equity, we have customized loans for your needs. Founded in 2008 and licensed to lend Find contact details for 700 million professionals. So far to-date, our advanced needs have not increased at all. 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.
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