Rosegate Mortgage, LLC, a retail and consumer-direct mortgage lender headquartered in Charlotte, N.C., has been acquired by a private investment firm specializing in mortgage servicing rights (MSRs) based in Minneapolis.
Rice Park Capital Management LP, announced the acquisition in a press release, calling it a strategic move to expand its capabilities across the mortgage transaction. The company believes the addition will help to support its operations for both MSR recapture and retention strategies while reinforcing its commitment to supporting originator partners.
“Acquiring Rosegate enables us to offer a fully integrated mortgage investment platform that we believe enhances value for our investors through improved servicing retention and strategic recapture,” Rice Park President and co-Chief Investment Officer Craig Freel said in the release. “At the same time, we remain fully committed to our originator and servicer partners. Our platform is designed to offer flexibility – providing capital and MSR solutions that preserve and support our partners’ customer relationships.”
Specifically, by acquiring Rosegate, Rice Park will be able to selectively perform recapture across its MSR holdings, which the company expects to enhance returns and mitigate prepayment risk, while maintaining its strong alignment with third-party originators who rely on Rice Park for capital solutions, MSR liquidity and customer retention.
To manage this new dynamic, Rice Park said it has developed a dual-channel strategy:
- For MSR acquisitions with embedded recapture partnerships, Rice Park will support and respect those relationships.
- For MSRs without an embedded recapture agreement, Rice Park will utilize Rosegate to pursue recapture directly.
The two companies initially partnered in October 2024 to provide financing solutions for borrowers within Rice Park’s MSR portfolio, which includes approximately $61 billion in unpaid principal balance serviced through its affiliate, Nexus Nova LLC. Under the new structure, Rosegate and Nexus Nova are combined into a single operating entity within Rice Park’s organizational structure.
“We’re thrilled to be integrated with Rice Park and are excited to build out what we believe will be a high-quality servicing retention and recapture model,” Rosegate Mortgage President and CEO Bryce Bradley said. “We are committed to being a leading place for customers to obtain a home loan and a great place for our team-members to work. Now within the Rice Park family, we are able to introduce ourselves to more customers and provide a high-quality experience while continuing to enhance our organization and grow both the consumer-direct and retail lending channels.”
Rosegate will continue to operate under its existing brand, maintaining its headquarters in Charlotte, N.C., and expanding its retail and consumer-direct lending operations.