Nationstar Mortgage (NSM) Closes Deal for $8.5 Billion GSE Servicing Portfolio
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Nationstar Mortgage Holdings Inc. (NYSE: NSM) announced today that it has closed on the purchase of mortgage servicing rights with an approximate $8.5 billion unpaid principal balance from a top-four financial institution. This servicing portfolio consists of rights to service loans that are owned, insured or guaranteed by a GSE. In advance of this closing, Nationstar provided all necessary notifications and obtained consent from all required parties.
“We are pleased to have completed this acquisition and welcome our new customers to the Nationstar family. We are confident that we will be able to provide these customers with an exceptional customer experience and look forward to offering solutions that will increase mortgage affordability and preserve homeownership,” Nationstar CEO Jay Bray said. “This acquisition is further evidence that we continue to work relentlessly with all stakeholders including customers, investors and regulators, to demonstrate our commitment to helping homeowners. Working side-by-side with customers and regulators will provide positive solutions for homeowners and improve portfolio performance for investors as we grow our servicing portfolio.”
Since the end of the second quarter 2014, Nationstar has announced the acquisition of $43 billion of servicing portfolios and including this $8.5 billion portfolio, $37 billion has closed-to-date. Nationstar expects to close on the remaining $6 billion by the end of the first quarter of 2015. Nationstar believes that it is one of the best positioned servicers to acquire additional servicing portfolios based on our proven track record of providing solutions to customers, lowering portfolio delinquencies and reducing credit losses. Nationstar continues to evaluate servicing portfolio acquisitions on a prospective basis.
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