Ditech Holding Corporation (OTC Pink: DHCPQ) today announced that New Residential Investment Corp. has completed the acquisition of substantially all of the forward assets of Ditech Financial LLC.
"We are pleased to complete this value-maximizing sale that enables Ditech Financial to continue serving customers and homeowners as we transition to the new servicers," said Thomas F. Marano, Chairman of the Board and Chief Executive Officer of Ditech Holding. "We know the team at New Residential well and have worked closely with them to ensure a smooth transition for customers. I would like to thank our employees for their hard work and dedication to serving our customers throughout this process."
As previously announced on September 30, 2019, Ditech Holding completed the sale of certain stock and assets associated with the Company's reverse mortgage business, Reverse Mortgage Solutions, Inc., to Mortgage Assets Management, LLC and its affiliate.
About Ditech Holding Corporation
Ditech Holding is an independent servicer and originator of mortgage loans and servicer of reverse mortgage loans. Based in Fort Washington, Pennsylvania, the Company services a diverse loan portfolio. For more information about Ditech Holding, please visit the Company's website at www.ditechholding.com. The information on the Company's website is not a part of this release.
About New Residential
New Residential is a leading provider of capital and services to the mortgage and financial services industries. With approximately $37 billion in assets as of June 30, 2019, New Residential has built a diversified, hard-to-replicate portfolio with high-quality investment strategies that have generated returns across different interest rate environments. New Residential's investment portfolio includes mortgage servicing related assets, non-agency securities (and associated call rights), residential loans and other related opportunistic investments. Since inception in 2013, New Residential has a proven track record of performance, growing and protecting the value of its assets while generating attractive risk-adjusted returns and delivering almost $3 billion in dividends to shareholders. Following the acquisition of Shellpoint Partners LLC ("Shellpoint") in 2018, New Residential also benefits from Shellpoint's origination and third-party servicing platform, as well as a suite of ancillary businesses, including title insurance, appraisal management, property management and other real estate services. New Residential is organized and conducts its operations to qualify as a real estate investment trust for federal income tax purposes. New Residential is managed by an affiliate of Fortress Investment Group LLC, a global investment management firm, and headquartered in New York City.
About Mortgage Assets Management, LLC
Mortgage Assets Management, LLC manages and oversees portfolios of mortgage servicing rights. With its corporate office located in Washington, D.C., Mortgage Assets supervises its portfolios through the implementation of risk management initiatives and an enhanced emphasis on maintaining a positive borrower experience.
