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Update: New Residential Investment, Fortress & Softbank

November 3, 2021 | New Residential Investment (NRZ) reported Q3 2021 earnings yesterday, providing an important window into developments in the mortgage industry. Unlike Mr. Cooper (COOP), NRZ reported higher gain on sale margins in Q3 2021. Revenue almost doubled from Q2 2021, but expenses also increased and, of note, servicing revenue was flat sequentially despite the close of the acquisition of Caliber Home Loans in August.

Source: NRZ Q3 2021