"We don't think the departure disrupts the integration efforts which have been underway between the companies, which includes potentially unlocking an estimated $80 million to $100 million in operating cost synergies this year, some of which we factor into our projection for a 13% net return on equity," said BTIG analyst Eric Hagen in a New Residential report.
In a memo sent this past Monday, the CEO of Newrez, Michael Nierenberg, told employees that despite Das leaving, they will continue with “business as usual.” The acquisition occurred after a failed attempt by Caliber to conduct an initial public offering. Sanjiv Das, CEO of Caliber Home Loans, is officially stepping down as CEO, less than a year after the mortgage lender and servicer was acquired by New Residential Investment Corporation (Newrez), according to sources familiar with the matter.
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