NRZ - New Residential sees Q1 funded origination volume stable vs. Q4
New Residential (NRZ) estimates Q1 2021 funded origination volume of ~$23B-$25B unpaid principal balance, which compares with $23.9B in Q4 2020.Estimates Q1 servicing portfolio UPB of ~$300B vs. $297.8B in Q4."Looking forward, we believe that our portfolio of MSRs will benefit from rising interest rates, resulting in more cash flows and higher earnings. We also believe that our mortgage company is poised to capture additional market share and increase borrower retention," said Chairman, CEO and President Michael Nierenberg.Forbearances on full NRZ MSR portfolio declined to 5.3% as of Jan. 22, 2021 compared with 6.8% as of Sept. 30, 2020Q4 core EPS of 32 cents matches the average analyst estimate and edged up from 31 cents in Q3.Q4 marked record quarterly originated funded production of $23.9B in unpaid principal balance, up 32% Q/Q and 125% Y/Y.Q4 revenue of $570.7M misses the consensus estimate of $768.8M and fell from $678.2M in Q3.NRZ falls
For further details see:
New Residential sees Q1 funded origination volume stable vs. Q4