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June 2024 » thefivestar.com 29 June 2024 I N D U S T R Y U P D A T E can be challenging, it doesn't have to be. At Carrington, we can help people all over America open the door to home- ownership with our ITIN loan." RITHM CAPITAL CORP. COMPLETES ACQUISITION OF COMPUTERSHARE MORTGAGE SERVICES INC. R ithm Capital Corp. (Rithm Capi- tal) has completed its previously announced acquisition of Com- putershare Mortgage Services Inc. and certain affiliated companies, including Specialized Loan Servicing LLC (SLS). Immediately following the closing of the acquisition, SLS merged into Newrez LLC (Newrez). Transaction highlights: » Adds ~$149 billion in unpaid princi- pal balance of servicing, adding $104 billion third-party and other servicing to Newrez portfolio » Adds new third-party clients and increases existing client wallet share, significantly expanding Newrez's subservicing and special servicing businesses » Adds co-issue MSR acquisition capabilities to the Newrez originations platform » Provides Newrez added operating leverage through additional scale "This milestone marks another chap- ter in our history of strategic acquisitions to build a leading mortgage banking franchise—a core strategy of Rithm's growth as we scale and diversify as an alternative asset manager," said Michael Nierenberg, Chairman, CEO and Presi- dent of Rithm Capital. "SLS will further expand our robust subservicing business and brings with it a great reputation in the market—the team and Newrez share a commitment to de- livering a best-in-class experience to both clients and homeowners," said Baron Sil- verstein, President of Newrez. "The power of the combined platform will strengthen Newrez's positioning in the market." FINANCE OF AMERICA UNIFIES FAR, AAG UNDER SINGLE BRAND F inance of America Reverse LLC (Finance of America or the Com- pany), a provider of home equi- ty-based financing solutions for modern retirement, has announced plans to consolidate its American Advisors Group (AAG) and Finance of America Reverse (FAR) brands under the single brand name, Finance of America. The change is generally expected to take effect in Q3 2024 and will remain subject to regulato- ry considerations in certain jurisdictions. This brand consolidation is a mile- stone in the company's strategic business transformation focused on driving long-term growth and enterprise value for customers, employees, partners, and investors. At the same time, a unified Finance of America brand will further streamline and clarify the company's offering in the market and enhance the customer experience. Kristen Sieffert, President of Finance of America, said, "This is another key moment in our evolution and the result of ongoing collaboration among our teams to optimize our operational platform. We see this as the precursor to our plan to break the reverse mortgage adoption barrier and make home equity a core component of a modern retirement." Chris Moschner, Chief Marketing Offi- cer of Finance of America, said, "Focusing our resources on a single Finance of Amer- ica brand increases our marketing efficacy and enables us to create a recognizable and powerful brand in the market. We are preparing for an exciting path forward over the months and years ahead, and this is a necessary first step on that journey." This announcement is the first phase of a longer-term brand strategy that will culminate with an official launch of the new brand platform and messaging slated to go live in early 2025. "We see this as the precursor to our plan to break the reverse mortgage adoption barrier and make home equity a core component of a modern retirement." —Kristen Sieffert, President, Finance of America