New Residential jumps after NewRez files for initial public offering

New Residential Investment announced earlier than an affiliate of NewRez, a mortgage lending and servicing organization, has confidentially submitted a draft registration statement with the Securities and Exchange Commission relating to the proposed initial public offering of NewRez's common stock. The number of shares of common stock to be sold and the price range for the proposed initial public offering have not yet been determined. The initial public offering is expected to take place after the SEC completes its review process. Shares of New Residential are up 8% to $9.31 in midday trading.