Shares of Capital One Financial Corp. (NYSE:COF) ended Friday session in red amid volatile trading. The shares closed down -0.63 points or -0.87% at $71.65 with 4.06 million shares getting traded. Post opening the session at $72.02, the shares hit an intraday low of $71.61 and an intraday high of $72.35 and the price vacillated in this range throughout the day. The company has a market cap of $36.63 billion and the numbers of outstanding shares have been calculated to be 505.92 million shares.
Capital One Financial Corp. (COF) on Aug. 16, 2016 announced the launch of Spark 401k, providing low-cost, all-ETF 401(k) plans designed to empower business owners and their employees to invest for the future. Spark 401k is the latest addition to Capital One’s small business solutions suite, which includes Spark Business’ award-winning credit cards, best-in-class banking products, and payments and e-commerce tools.
Spark 401k is designed for businesses with fewer than 100 employees to deliver a straightforward retirement planning experience that offers the benefits available to larger companies. These benefits include the ability to build a retirement nest egg with tax-deferred dollars, reduce business taxes, and recruit and incentivize employees. The new Spark 401k leverages the technology and expertise behind Capital One’s ShareBuilder 401k, which pioneered the all-ETF 401(k) movement beginning in 20051. Spark 401k also provides access to low-cost ETFs that keep investment expenses under one percent, helping employees further grow their nest egg.
“Only thirteen percent of small businesses offer a retirement plan2 and while many say they want to provide a plan, they often put it off because they think it will be too expensive, burdensome or complicated,” said Stuart Robertson, president of Capital One Advisors 401k services, which oversees ShareBuilder 401k and Spark 401k. “We designed Spark 401k to make retirement planning easier and more accessible for small businesses. With its online plan management and direct access to licensed 401(k) advisors and customer success managers, Spark 401k can help small business owners plan for the future – for themselves and their employees – while they pursue their primary passion, running their business.”
Shares of New Residential Investment Corp (NYSE:NRZ) ended Friday session in red amid volatile trading. The shares closed down -0.41 points or -2.83% at $14.10 with 4.03 million shares getting traded. Post opening the session at $14.44, the shares hit an intraday low of $14.08 and an intraday high of $14.45 and the price vacillated in this range throughout the day. The company has a market cap of $3.51 billion and the numbers of outstanding shares have been calculated to be 250.49 million shares.
On August 9, 2016 New Residential Investment Corp. (NRZ) and Walter Investment Management Corp. (WAC) announced an agreement (the “Purchase Agreement”) for the purchase and sale of approximately $35 billion UPB of seasoned conventional mortgage servicing rights (“MSRs”) for a purchase price of approximately $231 million.
In addition, New Residential, Walter and Walter Capital Opportunity, LP have agreed in principle for the purchase and sale of substantially all of the assets of Walter Capital Opportunity, LP and its subsidiaries (“WCO”), along with certain related assets owned by Walter, which, collectively, represent approximately $37 billion UPB of MSRs for a purchase price of approximately $283 million.
Assuming completion of both transactions with Walter and WCO, aggregate purchase price is expected to be approximately $514 million.
New Residential, through its wholly-owned subsidiary, New Residential Mortgage LLC (“NRM”), has also entered into a forward flow arrangement with Walter to acquire MSRs of newly-originated residential mortgage loans, subject to the parties’ mutual agreement on pricing. This agreement is intended to have an initial term of three years, subject to an extension at the option of the parties and earlier termination date in accordance with its terms.
Concurrently with the Purchase Agreement, NRM entered into a subservicing agreement with Ditech Financial LLC (“Ditech”), a wholly owned subsidiary of Walter, pursuant to which Ditech will subservice the mortgage loans underlying the MSRs acquired by NRM under the Purchase Agreement.
“We are excited to announce this transaction with Walter and look forward to a successful long-term strategic partnership,” said Michael Nierenberg, Chairman and Chief Executive Officer of New Residential. “This transaction further demonstrates New Residential’s role as a leading capital provider to the residential mortgage servicing market. Our new relationship with Walter allows us to add another highly rated mortgage servicer as a partner while creating meaningful value and returns for our shareholders.”
George M. Awad, Executive Chairman of the Board and interim Chief Executive Officer and President of Walter commented, “We are extremely pleased to have entered into this strategic relationship with New Residential. We anticipate this will be a long-term and mutually beneficial relationship, allowing both entities to achieve their shared objectives of growth and improved earnings with lower risk, which should ultimately drive significant value for shareholders.”