"The company outlined a dual-channel approach: It will honor existing recapture partnerships embedded in MSR purchases, and it will use Rosegate to conduct recapture when no such agreements are in place. Acquiring Rosegate enables us to offer a fully integrated mortgage investment platform that we believe enhances value for our investors through improved servicing retention and strategic recapture, Craig Freel, Rice Park's president and co-chief investment officer, said in a statement."
"At the same time, we remain fully committed to our originator and servicer partners. Rice Park and Rosegate originally partnered in October 2024 to provide financing solutions for borrowers within Rice Park's MSR portfolio, which includes about $61 billion in unpaid principal balance serviced through its affiliate, Nexus Nova LLC. Under the new structure, Rosegate and Nexus Nova will operate as a single entity within Rice Park."
Rice Park acquired Rosegate to enable selective recapture of mortgage servicing rights (MSRs) with the aim of strengthening returns and reducing prepayment risk. The firm will use a dual-channel approach: honor recapture partnerships embedded in MSR purchases and deploy Rosegate to conduct recapture where no agreements exist. Rosegate and Nexus Nova will operate as a single entity within Rice Park while Rosegate retains its brand and Charlotte headquarters and plans to expand retail and consumer-direct lending. Rice Park's MSR portfolio includes about $61 billion in unpaid principal balance serviced through affiliate Nexus Nova, and the integration targets improved servicing retention.
Read at www.housingwire.com
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