Lenders, agents focus on recovery as refinances soar
In recent months, lenders have recorded recording company when it comes to new creations and refinancing. New residential investment company. is using profits from its mortgage business to pull the company into recovery after first and second quarter losses due to challenges from COVID-19.
Primarily known for its service business, NRIC operates a diverse business with multiple lines of business including NewRez – Previously New Penn Financial, Shellpoint Mortgage Services, a provider of securities and settlement services Avenue 365 and eStreet, a valuation management company. New Residential has also made strategic investments in Covius Holdings, a technology service provider to the financial services industry, and Guardian Asset Management, a provider of field services and property management.
NewRez, a mortgage banking subsidiary of NRIC, financed $ 8.3 billion in residential loans in the second quarter 2020, a decrease of 27.2% compared to last year. To put that in perspective, this represents one of the lowest projections to date among the top 40 producers. regular by Inside Mortgage Finance.