Bayview purchasing Pingora loan servicing platform
Bayview Asset Management has entered into an agreement to acquire Pingora Holdings, an indirect subsidiary of Annaly Capital Management.
As a specialized asset manager, Pingora invests in new production mortgage servicing rights and services residential mortgage loans.
"This transaction exemplifies our strategy to partner with industry leaders across our diversified investment platforms to efficiently allocate capital, minimize operating risks and optimize returns for our shareholders," said Annaly President and CEO Kevin Keyes in a press release.
"This strategic transaction represents the beginning of a unique and compelling partnership for all stakeholders," he said.
"We are excited about combining Pingora’s best-in-class technology and MSR acquisition platform with Bayview's capital-raising abilities to create the industry-leading MSR acquisition and management platform," said Michael Lau, CEO of Pingora.
David Ertel, CEO of Bayview, is also optimistic about the newly procured venture.
"We are delighted to partner with Annaly in this important strategic transaction. Together, Bayview and Pingora are positioned to provide MSR capital solutions to the mortgage banking industry," said Ertel in the press release.
The acquisition of Pingora by Bayview is subject to customary closing conditions, which include requisite regulatory approvals. The deal is expected to close in the third quarter.