New Residential Investment Corp. has completed its acquisition of certain assets of Ditech Holding Corp. and Ditech Financial LLC.
New Residential bought the assets for about $1.2 billion at closing, using financing facilities and cash on hand.
New Residential will purchase Ditech’s forward Fannie Mae, Government National Mortgage Association and nonagency mortgage servicing rights, with an aggregate unpaid principal balance of about $62 billion as of Aug. 31, the servicer advance receivables relating to such MSRs and other assets core to the forward origination and servicing businesses.
The company will also assume certain Ditech office spaces and add about 1,100 Ditech employees to support the increase in its origination and servicing operations.
