February 19, 2021
Greenville, SC — Shellpoint Mortgage Servicing, a division of NewRez LLC (“Shellpoint”, the “Company”), one of America’s largest non-bank residential mortgage servicers by loan count and UPB, announced that Moody’s Investors Service (“Moody’s”) has upgraded the Company’s servicer quality (SQ) assessments. Moody’s increased both Shellpoint’s prime and special SQ assessments to SQ2- (up from SQ3+).
Among other factors contributing to the upgrades, Moody’s found Shellpoint’s capabilities in collections, loss mitigation, foreclosure, and REO to be “above average.” Moody’s also took special notice of how the Company has responded to the COVID-19 pandemic, praising Shellpoint’s “expansion of alternative borrower contact strategies,” including the wide range of website- and phone-based “self-service options” that the Company developed to help homeowners who experience financial hardship due to COVID-19.
Moody’s carefully evaluates Shellpoint throughout the year and issues annual assessments. Moody’s announced the results of their previous Company assessment in June 2020. “The emergence of COVID-19 added a new layer of complexity to the mortgage-servicing business,” said Jack Navarro, Shellpoint’s President and Chief Executive Officer. “But even though over 90% of our employees were working from home, we collaborated closely with the Moody’s team during their evaluation, providing them with a wealth of detailed operational metrics and analytical data. Their upgraded quality assessments spotlight not only our efforts to support struggling homeowners—but also the strength, stability, and flexibility of our business operations, our employees, and our technology.”
Shellpoint is one of the largest non-bank servicers with over 1.7 million residential mortgage loans. Shellpoint has offices throughout the United States, including Greenville, South Carolina; Houston, Texas; Tempe, Arizona; and Jacksonville, Florida. Shellpoint’s clients include leading banks, loan originators, and real estate investment trusts (REITs). Shellpoint’s ongoing success is grounded in its ability to deliver superior asset performance and to develop creative and practical solutions for homeowners in need. Shellpoint is proud to be part of NewRez LLC (“NewRez”). NewRez is owned by New Residential Investment Corp. (NYSE: NRZ), a publicly traded REIT that invests in and actively manages residential real estate investments.
NewRez is a leading nationwide mortgage lender and servicer. Founded in 2008 and licensed to lend in 50 states, NewRez is headquartered in Fort Washington, Pennsylvania and operates multiple lending channels, including Direct to Consumer, Joint Venture, Wholesale and Correspondent. NewRez also has several affiliates that perform various Fitch upgrades ratings of Shellpoint Mortgage Servicing | p. 2 | February 16, 2021 services in the mortgage and real estate industries. These include Avenue 365 Lender Services, LLC, a title agency, and eStreet Appraisal Management LLC, an appraisal management company. NewRez is member of the New Residential Investment Corp. family. More information is available at www.newrez.com.
Sr. Business Communications Mgr.
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