Recently, Mike Nierenberg the Chairman, CEO and President of New Residential Investment Corp. came out to announce the company plans for success. This announcement came right after the company finalized its acquisition deal of Shellpoint Partners. New Residential is today one of the best performing real estate investment trusts. In his announcement, Mike addressed the company’s expansion plan and its strategy to stay on top of its market.
The Shellpoint Partners acquisition
New Residential acquired Shellpoint in a deal worth $190 million. This acquisition is part of what Mike Nierenberg terms as his company’s expansion plan. Shellpoint Partners is a well-established mortgage vehicle that was founded in 2010 by Lewis Ranieri of Ranieri partners. This mortgage vehicle firm is made up of Shellpoint Mortgage Servicing and New Penn Financial. Avenue 365 and eStreet who deal with title management services and appraisal management are also part of this acquired company,
The CEO of the top-performing real estate investment trust said that this acquisition was a move to expand the company. He pointed out that now New Residential will be able to provide its clients with comprehensive services. These services will include title and settlement management and appraisal management which they weren’t able to before the acquisition. Mike Nierenberg went ahead to state that his company will be looking to provide more services in-house to its clients as time goes by.
Staying at the top
Making better investments has been a big part of New Residential’s success so far. Even with the massive success that the company has heard so far, it’s pretty hard to stay at the top in the current competitive market. It is for this reason that this real estate investment trust is looking at other ways to stay ahead of its competition. According to the company’s CEO, Mike Nierenberg they are looking at adopting revolutionary technology to achieve this. The innovative technology will play a big part in improving the company’s service delivery to its clients. New Residential clients will be served much faster and better once the new technologies are implemented. Additionally, the company is also looking to serve more clients through this technology.
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