(bps, except %)

(2)

Prior Structure 

Initial

New Structure

Target

Advances as a % of UPB

5.5%

4.0%

Servicing fee

22)

2

Performance fee

---)

5

Ancillary, Solutionstar, excess spread

19)

19

Advance interest expense

(3)

(15)

---

Net servicing fee revenue before

MTM/amortization

(4)

26)

26

Rights to MSR Net Servicing Fee Impact

1

1)

Each MSR pool may have different pricing, but average to these fee amounts in the aggregate.

2)

For illustrative purposes; may not meet actual results.

3)

Assumes Nationstar’s interest rate of 3.0%; NRZ’s interest rate of 2.4%.

4)

Revenue net of servicing advance facility interest expense.

5)

For comparison purposes, Aurora non-Agency advances, on a relative basis, have had a similar reduction over the last twelve months.

6)

$362MM expected to close in initial transactions by mid-January; NRZ has the right but not the obligation to close on remaining advances at substantially the same terms.

NSM retains all ancillary fees, Solutionstar fee income, originations income and share of existing excess MSR

No advance interest expense to NSM

Servicing compensation structure for the RMSR (22 bps total)

(1)

(5)

+ Up

to

an

additional

$681MM

in

equity

to

redeploy

(6)

+ up to nearly 8 bps of retained fee

–

Servicing fee

of 2 basis points (bps) to NSM –

paid regardless of New Residential and investor (“NRZ”) return

–

Performance fee

of up to 5 bps to NSM; subject to achieving servicer performance objectives

–

Retained fee

of 15 bps to NRZ to meet target return; fees in excess of target return split 50/ 50

Exhibit 99.2

Rights to MSR Servicing Fee Details

Current Structure

New RMSR

Structure

Basic Fee

22 bps

Servicing Fee

2 bps

Performance Fee

5 bps

Retained Fee

15 bps

Paid to NSM

If NRZ

target return is met, 100% of fee to NSM

If NRZ

target return is not met, portion of fee required for target return to

NRZ,

with

remaining

to

NSM

Paid to NSM

2

+ all ancillary fees, Solutionstar fee income, originations income and share of existing excess MSR to NSM

+ no future advance funding requirements for NSM

Retained by NRZ

to meet target return on investment

If target return is met, excess above target return split 50/50 to

NSM

/

NRZ

up

to

nearly

8

bps

paid

to

NSM

;