New Residential Reports 4Q Net Income of $54M










New Residential Investment Corp. posted net income of $54 million in the fourth quarter, as the company gears up to close its acquisition of Home Loan Servicing Solutions, the company announced Friday.

The New York-based company’s earnings per diluted share were 38 cents. The company’s fourth-quarter results fell lower than previous quarters, representing a 57% decrease from $126 million in income during the third quarter and a 33% decrease from $80.5 million in income in the fourth quart of 2013.

For the full fiscal year 2014, the company grew its net income raising it 33% year-over-year to $353 million.

Some of the company’s highlights from the fourth quarter include committing to approximately $15 billion in unpaid principal balance of additional excess mortgage servicing rights and completing a $2.6 billion refinancing of its consumer loan portfolio. The company also sold $138 million UPB of loans, which it said generated a return of 31%.

Following the end of the fourth quarter, the company announced in January that it had agreed to acquire Home Loan Servicing Solutions for around $1.3 billion.

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