NRZ - New Residential Q1 earnings benefit from higher interest rates expanding platform

New Residential (NRZ) Q1 earnings reflect strong results across its business lines, higher interest in its MSR portfolio, and the expansion of its operating platform.Q1 core EPS of 34 cents exceeds the average analyst estimate by a penny and increased from 32 cents in Q4 2020.Q1 revenue of $1.17B vs. consensus estimate of $692.2M and $570.7M in Q4 2020."While we anticipate that origination margins will continue to normalize, we see additional room to grow origination market share and see compelling opportunities for earnings growth in our investment portfolio, specifically in the MSR portfolio, call business and loan strategy," said Chairman, CEO and President Michael Nierenberg.Q1 interest income of $253.7M vs. $234.1M in Q4.Q1 origination segment pretax income of $191.2M, down 23% Q/Q and up 218% Y/Y; record quarterly origination funded production of $27.2B in UPB, up 14% Q/Q and up 138% Y/Y.Q1 servicing pretax net income of $31.6M, down 34%

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New Residential Q1 earnings benefit from higher interest rates, expanding platform