RKT - New Residential Prepares to Unlock the Hidden Value in Its Stock
Mortgage originators are having a banner year, and the market for mortgage banking initial public offerings (IPOs) has been hot. We saw Rocket Companies (NYSE: RKT) go public in August through a normal offering and United Wholesale Mortgage prepare to go public this quarter via a special purpose acquisition company (SPAC). The Mortgage Bankers Association (MBA) forecasts that mortgage origination volume will hit $3.2 trillion this year, the highest since 2003.
Another mortgage company striking while the iron is hot is New Residential Investment (NYSE: NRZ) . The company recently filed a confidential prospectus with the SEC to potentially spin off its mortgage and servicing arm. What does this mean for New Residential stockholders?
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New Residential Prepares to Unlock the Hidden Value in Its Stock