As the Chairman of the Board, President, and Chief Executive Officer of New Residential Investment Corp., Michael Nierenberg is very influential in the company that invests in and actively manages residential real estate investments, mortgage servicing assets, and related opportunistic investments. New Residential conducts its operations as a qualified real estate investment trust.
Michael Nierenberg is also a Managing Director at Fortress Investment Group LLC, a global investment management firm, an affiliate of which manages New Residential.
On July 3, 2018, New Residential announced that it had acquired Shellpoint Partners LLC and that the acquisition comprised all of the outstanding equity interests of all companies within the Shellpoint family. That included Shellpoint Mortgage Servicing, New Penn Financial, eStreet Appraisal Management Company, and Avenue 365.
Michael Nierenberg was pleased to announce the acquisition because New Residential was of the belief that this transaction would create a tremendous optionality. That was because Shellpoint already had an excellent origination and a third-party servicing platform and included ancillary businesses of real estate owned management, appraisal management, title insurance, and additional real estate services.
Additionally, Shellpoint Mortgage Servicing had done an excellent job in the expansion of its third-party servicing, and New Residential expected that to remain a company focus and that Shellpoint’s businesses would be a strong contributor to New Residential. Jack Navarro, Shellpoint’s President and CEO, was also excited about the prospects for growth created by this transaction.
Shellpoint’s Co-Chief Executive Officer of Shellpoint, Bruce Williams, stated that they were delighted with the acquisition and were looking forward to continued growth as part of the New Residential family. He noted that it was a terrific match because the two organizations share the same entrepreneurial spirit, focus on cutting-edge technology, and desire for growth.
The CEO and President of New Penn Financial, Kevin Harrigan, said they were thrilled to officially become part of the New Residential family and were excited for the opportunities that were presented for their customers. He felt that with New Residential’s support, they could look forward to offering their customers a wider selection of product options.
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