New Residential Investment Corp. Announces First Quarter 2020 Results
New York, April 23, 2020 -- Moody's Investors Service ("Moody's") has affirmed the servicer quality (SQ) assessments for Shellpoint Mortgage Servicing ("Shellpoint") at SQ3+ as a Primary and Special servicer of residential mortgage loans. In July 2018, New Residential Investment Corp. finished acquiring Shellpoint Partners LLC and all of its business units, including Shellpoint Mortgage Servicing. We view Shellpoint's collection abilities as above average.
New Residential Investment Corp. Declares First Quarter 2020 Common and Preferred Stock Dividends and Announces Company Updates
New Residential (NRZ) has seen solid earnings estimate revision activity over the past month, and belongs to a strong industry as well.
New Residential Investment Corp. Announces Agreements to Sell Certain Non-Agency Securities
NEW RESIDENTIAL INVESTMENT CORP. BOLSTERS STRONG CAPITAL POSITION AND PROVIDES COMPANY UPDATES
New Residential Investment Corp. Schedules First Quarter 2020 Earnings Release and Conference Call
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New Residential Investment (NRZ) closed at $5.52 in the latest trading session, marking a -0.27% move from the prior day.
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New Residential Investment (NRZ) saw a big move last session, as its shares jumped nearly 13% on the day, amid huge volumes.
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Q1 2020 New Residential Investment Corp Earnings Call
The first quarter was one of the toughest ever for mortgage real estate investment trusts (mREITs). Mortgage-backed securities, even government-insured ones, fell like a tech stock after a bad earnings report. The non-agency REITs suffered the worst.
NRZ earnings call for the period ending March 31, 2020.
New Residential (NRZ) is expected to have witnessed a decline in book value and significant loss on disposal in Q1 due to coronavirus-induced dislocations and volatility in the mortgage industry.
The company, which is a mortgage real estate investment trust (mREIT), saw its net interest income decline by 14% over last year's first quarter to $185.5 million. As the SARS-CoV-2 coronavirus began to spread around the world, the market collapsed for the non-agency mortgage-backed securities that New Residential specializes in ("non-agency" means they're not backed by government agencies like Fannie Mae or Freddie Mac).
If you own shares in New Residential Investment Corp. (NYSE:NRZ) then it's worth thinking about how it contributes to...
Moody's Investors Service, ("Moody's") has downgraded New Residential Investment Corp.'s (New Residential) corporate family rating to B1 from Ba3 and its long-term issuer rating to B3 from B2. The ratings were also placed on review for further downgrade. While the ratings downgrade reflects the company's recent liquidity stress due to market turmoil and resulting negative impact on its credit profile, the initiation of a ratings review for further downgrade was prompted by ongoing liquidity challenges.
New Residential Investment (NRZ) delivered earnings and revenue surprises of 100.00% and -13.90%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?