Rithm Capital to acquire Specialized Loan Servicing for $720M

Rithm Capital announced it has entered into a definitive agreement with Computershare Limited to acquire Computershare Mortgage Services and certain affiliated companies, including Specialized Loan Servicing, for a purchase price of approximately $720M. The acquisition includes approximately $136B in unpaid principal balance of mortgage servicing rights, of which $85B is third-party servicing, along with SLS’s origination services business. Following the close of the transaction, SLS’s portfolio and operations will be transitioned to and managed by Newrez, a Rithm portfolio company. Rithm intends to finance the transaction through a mix of existing cash and available liquidity on the balance sheet, as well as additional MSR financing. The transaction remains subject to customary closing conditions, including regulatory approvals. Completion is expected to take place in the first half of 2024.