Nationstar Mortgage Announces Definitive Agreement to Acquire $10.4 Billion in Servicing Assets
Nationstar Mortgage Holdings Inc. (NYSE: NSM) announced today that Nationstar Mortgage LLC, a wholly-owned subsidiary, has signed a definitive agreement to acquire approximately $10.4 billion in residential mortgage servicing rights, as measured by unpaid principal balance, from Bank of America, National Association (“BANA”). The acquired servicing portfolio consists entirely of loans in government-sponsored enterprise (“GSE”) pools. Nationstar will fund a portion of the MSR purchase price with the proceeds of a 65% co-investment by Newcastle Investment Corp. Nationstar expects the loans to transfer from BANA in July 2012.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.