DS News - U.S. Bank

» VISIT US ONLINE @ DSNEWS.COM 83 and performing loans. Selene Holdings also includes SelecTitle, a title services company, and New Diligence Advisors, a national third- party diligence and advisory services firm. "Selene has always been focused on provid- ing flexible and creative servicing solutions to our clients," said Joe Pensabene, President and CEO of Selene. "We're excited to join with a partner who shares that approach and com- mitment to the industry, and we look forward to continuing to expand our solutions for the residential credit markets." While the financial details of the transac- tion haven't been disclosed, it is still subject to customary closing conditions and ap- proval by regulators, it is expected to close by mid-2019. roughout the discussions, Sidley Austin LLP acted as legal counsel to Pretium. Houlihan Lokey acted as financial advisor to Selene and Buckley Sandler LLP acted as their counsel. "Pretium is a leader in residential credit," said Brian Laibow, Managing Director of Oaktree. "ey have an institutional cul- ture and a demonstrated history of growing customer-focused businesses. As we have built Selene with our clients, it was very important for Oaktree to partner with someone who shares that vision. We're pleased to have found that in Pretium." PENNSYLVANIA Radian Unveils New Brand Pennsylvania-headquartered Radian Group Inc. announced that they are unveiling a "bold, new visual identity" for the company. CEO Rick ornberry explained, "Our new brand identity better communicates what Radian stands for today and what we aspire to be in the future. It reflects our strong heritage and emphasizes our forward-thinking mindset." Radian and its subsidiaries offer a full spec- trum of residential mortgage and real estate products and services, including mortgage and title insurance, appraisal products, nonagency securitization reviews, secondary marketing support, and custom insurance products for investors seeking to participate in emerging risk-sharing opportunities. ornberry added, "e new Radian is dedicated to disrupting existing business mod- els to enable our customers to better transact and manage risk across the mortgage and real estate spectrum. Unlike traditional mortgage insurance companies, we're able to offer a much broader, more diversified set of products these distressed properties, which are for the most part vacant and abandoned, then repurpose them either as owner occupancy or rental. » Establishing a revolving loan fund that provides nonprofit organizations with capital to purchase and restore all REO, abandoned, and vacant properties. » Enacting legislation that creates govern- mental entities or nonprofit corporations that can focus on acquiring and developing vacant, abandoned, and tax-delinquent properties. "rough such efforts, these toxic liabilities can become community assets," said Darren Spielman, Executive Director of the Senator Walter Rand Institute for Public Affairs at Rutgers, who will lead the panel's discussion. "ese solutions will alleviate the negative impact of abandoned properties on neighbor- hoods, municipalities, and the region, and help to meet this workforce-housing need." NEW YORK Pretium Capitalizes on Mortgage Servicing With Selene Acquisition New York-based Pretium Partners, LLC has announced it has agreed to acquire Selene Holdings LLC from Oaktree Capital Management, L.P. and Ranieri Partners, LLC. Founded in 2012, Pretium Partners is an alternative asset management firm with a focus on real estate, mortgage finance, and corporate credit. e firm seeks to capitalize on invest- ment and lending opportunities arising from the structural changes within the economy, the U.S. housing sector, and the mortgage finance market. "Selene is a best-in-class servicer that adds significant capabilities and expertise to Preti- um's residential credit ecosystem," said Donald Mullen, Founder and CEO of Pretium. "We look forward to further investing in Selene's technology and platform and working closely with management to best serve Pretium's investors and Selene's clients." Selene is the parent company of Selene Finance LP, a major residential mortgage ser- vicing company and one of only two servicers in the U.S. to be a Ginnie Mae single-family master subservicer. Based out of Houston, Selene was founded in 2007 and provides service across all 50 states as a special servicer of nonperforming, re-performing, REO, and services to our customers. at puts us in a unique position to deliver on the mortgage industry's need for innovation as it adapts to new expectations for speed, transparency, and accountability." "In today's market, particularly in financial services and mortgage finance, standing still is not an option," Radian CFO Frank Hall noted. "Our One Radian model uniquely blends many decades of risk management ex- pertise with the power of data, technology, and analytics to disrupt the landscape. It allows us to be insightful, as well as agile, as we bring new and needed solutions to the mortgage and real estate industries." Radian currently operates as a family of companies that includes Radian Guaranty, Radian Reinsurance, Clayton Holdings, Green River Capital, ValuAmerica, Entitle Direct, and Red Bell Real Estate, LLC. Over time, Radian's new logo will unite all of its businesses under one brand. A dedicated website has been established at Radian.com to showcase the company's business strategy and brand identity, and to keep customers informed with updates as Radian transitions its businesses to its new brand. According to Zillow, the median home value in Pennsylvania is $170.5K, and the median list price per square foot in the state is $127. KNOW THIS

• Cover