- New Residential Investment's (NYSE:NRZ) national mortgage lending and servicing arm New Rez LLC, confidentially submits a draft registration statement with the SEC for a proposed IPO.
- NewRez has been a fast grower, with full-year 2020 pretax income seen at $850M-$900M vs. $225M a year ago, according to the Q3 investor presentation. The servicing portfolio is expected to rise to $310B from $219B; origination production volume of $60B vs. $22B.
- NewRez has formed at least five joint ventures in the past year to expand its mortgage operations in various parts of the U.S.
- The number of shares of common stock to be sold and the expected price range for the proposed offering haven't yet been determined.