Nationstar Mortgage Holdings Inc. NSM (“Nationstar”), a leading residential mortgage services company, today reported financial results for its second quarter ended June 30, 2014.
“The continued execution of our strategic plan produced growth across all of our segments and key financial metrics,” said Jay Bray, Chief Executive Officer. “Nationstar continues to deliver increasing profits and cash flows quarter over quarter by executing on our strategic initiatives. We are excited about the earnings power of our existing platforms as well as the continued build-out of our comprehensive digital real estate service offerings. Our goal is to be the premier real estate services provider to residential owners, buyers, sellers, agents and investors.”
Nationstar reported quarterly net income of $67 million, or $0.74 per share, for the second quarter, a 174% increase over the $24 million or $0.27 per share in the first quarter 2014. Nationstar generated Core EPS of $0.87 per share compared to $0.61 a share in the previous period, an increase of 43%. Core EPS excludes one-time expenses and MSR fair value adjustments. For the quarter, pretax income was $106 million and core pretax income was $125 million.
Second Quarter Business Highlights
(amounts in millions, unless otherwise noted)
In order to increase transparency and reflect how the operations are currently managed, Nationstar now presents its financials in three operating segments: Servicing, Solutionstar and Originations. Additionally, the Corporate and Other reporting unit includes corporate overhead not directly associated with the operations, the former legacy segment and interest expense associated only with the unsecured senior notes. All prior period amounts reflect the change in the reportable segments.
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Servicing Segment |
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Q2'14 | Q1'14 | % Change | ||||||||||||
| Total servicing fee income | $ | 302 | 276 | 9 | % | ||||||||||
| Pretax income | $ | 67 | $ | 50 | 34 | % | |||||||||
| Core pretax income(1) | $ | 86 | $ | 79 | 9 | % | |||||||||
| Core pretax income margin | 28 | % | 29 | % | (3 | )% | |||||||||
| Core operating profitability (bps)(2) | 9.0 | 8.2 | 10 | % | |||||||||||
| Ending UPB ($B) | $ | 378.4 | $ | 384.4 | (2 | )% | |||||||||
| Average UPB ($B) | $ | 381.4 | $ | 387.6 | (2 | )% | |||||||||
| 60+ day delinquency rate | 11.0 | % | 11.1 | % | (1 | )% | |||||||||
| Annualized CPR rate | 13.5 | % | 11.9 | % | 13 | % | |||||||||
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(1) Excludes one-time transaction expenses related to the NRZ advance sale and MSR fair value adjustments. See reconciliation tables. |
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(2) Excludes Solutionstar and allocations to Corporate and Other under current segmentation. |
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Servicing core pretax income increased 9% and core pretax income margin remained flat in the second quarter as additional investments were made in workforce management and automation during the quarter, the benefits of which are expected to accrue in the third quarter. The current expectation is for growth in both margin and core pretax income through the second half of the year principally driven by continued operational improvements as well as an increase in acquisitions. From a basis points perspective, the Servicing operations achieved 9 basis points of operating profitability.
Nationstar's servicing portfolio, as measured by UPB, ended the second quarter nearly unchanged from first quarter levels, due to $10 billion of new servicing assets generated through acquisitions and the originations platform. Since the end of the second quarter, Nationstar already has commitments for over $20 billion in additional servicing acquisitions. Nationstar's pipeline of acquisition opportunities totals over $300 billion in aggregate UPB.
Nationstar's 60-plus day delinquency rate decreased slightly from the first quarter. The servicing portfolio CPR increased in the second quarter, reflective of the lower rate environment.
Solutionstar Segment
Solutionstar provides technology and data enhanced solutions to homebuyers, home sellers, real estate agents and companies engaged in the origination and / or servicing of mortgage loans. Solutionstar intends to transform the home buying experience through the utilization of a next generation real estate exchange and the delivery of high quality residential real estate services. Solutionstar principally operates two divisions:
- Real Estate Exchange - comprises our HomeSearch.com and Real Estate Digital operational offerings which utilize the power of technology, data analytics and the internet to deliver technologies and services that facilitate the efficient exchange of homes through an internet based real estate marketplace.
- Real Estate Services - comprises the Solutionstar and Veripro branded residential services which principally include title, close, escrow, collateral valuation and asset management services.
| Q2'14 | Q1'14 |
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% Change |
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| Revenue - Real Estate Exchange | $ | 36 | $ | 27 | 33 | % | |||||||||
| Revenue - Real Estate Services | $ | 47 | $ | 38 | 24 | % | |||||||||
| Pretax income - total | $ | 38 | $ | 26 | 46 | % | |||||||||
| Pretax income margin | 46 | % | 40 | % | 15 | % | |||||||||
| Real Estate Exchange - number of properties sold | 5,663 | 4,538 | 25 | % | |||||||||||
Solutionstar's revenues increased due to a strong increase in order volume in our Real Estate Services division and the continued success of the HomeSearch.com platform in effectively marketing properties. Solutionstar's pretax margin increased in the second quarter to 46% from 40% in the first quarter, primarily due to mix of revenues. Solutionstar's results for all periods are reflected to adjust the referral fees typically earned by servicers.
Solutionstar sold nearly 5,700 properties in Q2'14 and expects more than 20,000 sales over the course of 2014. The number of properties under management continues to increase as a result of the successful closing of the private-label portfolio acquisitions from Bank of America in late 2013. In addition, in the second quarter Solutionstar started selling properties on behalf of third-party clients through HomeSearch.com.
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Originations Segment |
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| Q2'14 | Q1'14 | % Change | |||||||||||||
| Revenue | $ | 165 | $ | 130 | 27 | % | |||||||||
| Pretax income | $ | 69 | $ | 24 | 188 | % | |||||||||
| Core pretax income(1) | $ | 69 | $ | 40 | 73 | % | |||||||||
| Core pretax income margin | 42 | % | 31 | % | 35 | % | |||||||||
| Funded volume - consumer direct ($B) | $ | 2.9 | $ | 3.3 | (12 | )% | |||||||||
| Funded volume - total ($B) | $ | 4.4 | $ | 4.7 | (6 | )% | |||||||||
| Application volume ($B) | $ | 5.0 | $ | 3.5 | 43 | % | |||||||||
| Locked pipeline ($B) | $ | 2.6 | $ | 2.9 | (10 | )% | |||||||||
| Recapture percentage | 32 | % | 51 | % | (37 | )% | |||||||||
| Purchase origination percentage of funded volume | 30 | % | 28 | % | 7 | % | |||||||||
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(1) Excludes one-time expenses related to right sizing the operations in Q1'14. See reconciliation tables. |
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Total originations revenue and pretax income grew sequentially principally due to an increase in gain on sale. Core pretax income margin increased 35% as a function of Nationstar's continued focus on the consumer direct channel, which presents a significant opportunity and partially insulates volatility in volume compared to the broader market.
Nationstar's funded volume and recapture rate decreased sequentially as a result of thoughtfully originating higher margin loan products, a decline in HARP originations, and efficiently managing capacity while the operations began the migration from multiple origination platforms to a single integrated platform and process. The majority of volume in the quarter came from the consumer direct channel, which includes recapture and Greenlight. Correspondent volume was flat quarter over quarter and Nationstar continues to view the correspondent channel as a cost-effective way to acquire servicing.
Helping Homeowners
Nationstar remains committed to providing mortgage solutions to our more than 2.2 million homeowners. In the second quarter, we helped nearly 23,000 customers avoid foreclosure, including approximately 15,000 loan modifications which lower customer's payments. This also included providing collateral workouts and other repayment plans to approximately 8,000 homeowners.
We also helped 23,000 homeowners secure mortgages. The total includes approximately 6,000 homeowners whose mortgages were refinanced through the Home Affordable Refinance Program (“HARP”), which allows us to refinance a borrower with a very high loan-to-value ratio or a homeowner with negative equity in their house.
Guidance
Nationstar remains ahead of its 2014 budget and as a result is confirming its 2014 GAAP EPS guidance of $4.00 - $5.00.
Conference Call Webcast and Investor Presentation
Chief Executive Officer, Jay Bray, and Chief Financial Officer, Robert Stiles, will host a conference call for investors and analysts to discuss Nationstar's second quarter 2014 results and other general business matters at 9:00 a.m. ET on Wednesday, August 6, 2014. To listen to the event live or in an archive which will be available for 14 days, visit Nationstar's website at http://investors.nationstarholdings.com. The conference call will also be accessible by dialing 877-474-9502, or 857-244-7555 internationally. Please use the participant passcode 29117120 to access the live conference call. An investor presentation will also be available at http://investors.nationstarholdings.com.
Non-GAAP Financial Measures
This disclaimer applies to every usage of “Core Earnings per Share” or “Core EPS”, "Core Pretax Income", and “Servicing Core Pretax Income” in this release. Core EPS is a metric that is used by management to normalize earnings for one-time expenses and changes in fair value of the MSR. Core pretax income is a metric that is used by management to exclude certain non-recurring items, and changes in the fair value of the MSR, in an attempt to provide better earnings per share comparison to prior period. Servicing core pretax income is a metric that is used by management to exclude certain non-recurring items in an attempt to provide a better earnings per share comparison to prior periods. Servicing core pretax income excludes one-time expenses related to the advance sale to NRZ and MSR fair value adjustments.
About Nationstar Mortgage Holdings Inc.
Based in Lewisville, Texas, Nationstar earns fees through the delivery of quality servicing, origination and transaction based services related principally to single-family residences throughout the United States. Additional corporate information is available at www.nationstarholdings.com.
Forward Looking Statements
Any statements in this release that are not historical or current facts are forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding: estimates of our servicing segment's growth and profitability; property sales in 2014; estimates of Solutionstar profitability; and estimates of fiscal year 2014 guidance for GAAP EPS. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results performance, or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-statements. Certain of these risks and uncertainties are described in the “Risk Factors” section of our most recent annual report and other required documents as filed with the SEC which are available at the SEC's website at http://www.sec.gov. Nationstar undertakes no obligation to publicly update or revise any forward-looking statements or any other financial information contained herein, and the statements made in this press release are current as of the date of this release only.
Financial Tables
| NATIONSTAR MORTGAGE HOLDINGS INC. AND SUBSIDIARIES | |||||||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||||
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(dollars and shares in thousands, except per share data) |
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| Three Months Ended | |||||||||||
| June 30, 2014 | March 31, 2014 | ||||||||||
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Revenues |
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| Servicing fee income | $ | 258,099 | $ | 240,164 | |||||||
| Other fee income | 118,718 | 101,547 | |||||||||
| Total fee income | 376,817 | 341,711 | |||||||||
| Gain on mortgage loans held for sale | 172,916 | 127,936 | |||||||||
| Total revenues | 549,733 | 469,647 | |||||||||
| Total expenses and impairments | 346,711 | 321,133 | |||||||||
| Other income (expense) | |||||||||||
| Interest income | 42,941 | 43,943 | |||||||||
| Interest expense | (139,422 | ) | (156,600 | ) | |||||||
| Gain (loss) on interest rate swaps and caps | (953 | ) | 2,821 | ||||||||
| Total other income (expense) | (97,434 | ) | (109,836 | ) | |||||||
| Income before taxes | 105,588 | 38,678 | |||||||||
| Income tax expense | (38,941 | ) | (15,001 | ) | |||||||
| Net income | 66,647 | 23,677 | |||||||||
| Less: Net gain (loss) attributable to noncontrolling interests | 192 | (359 | ) | ||||||||
| Net income attributable to Nationstar | $ | 66,455 | $ | 24,036 | |||||||
| Earnings per share: | |||||||||||
| Basic earnings per share | $ | 0.74 | $ | 0.27 | |||||||
| Diluted earnings per share | $ | 0.74 | $ | 0.27 | |||||||
| Weighted average shares: | |||||||||||
| Basic | 89,465 | 89,342 | |||||||||
| Dilutive effect of stock awards | 729 | 733 | |||||||||
| Diluted | 90,194 | 90,075 | |||||||||
| Dividends declared per share | — | — | |||||||||
| NATIONSTAR MORTGAGE HOLDINGS INC. AND SUBSIDIARIES | |||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||
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(dollars in thousands) |
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| Three Months Ended | |||||||||
| June 30, 2014 | March 31, 2014 | ||||||||
| Assets | |||||||||
| Cash and cash equivalents | $ | 623,927 | $ | 404,073 | |||||
| Restricted cash | 334,910 | 471,635 | |||||||
| Accounts receivable | 2,809,436 | 4,057,477 | |||||||
| Mortgage loans held for sale | 2,224,821 | 1,741,126 | |||||||
| Mortgage loans held for investment, subject to nonrecourse debt - Legacy Assets, net | 199,125 | 204,392 | |||||||
| Reverse mortgage interests | 1,772,386 | 1,620,879 | |||||||
| Mortgage servicing rights | 2,691,449 | 2,590,780 | |||||||
| Property and equipment, net | 123,720 | 119,306 | |||||||
| Derivative financial instruments | 95,328 | 95,774 | |||||||
| Other assets | 292,672 | 327,121 | |||||||
| Total assets | $ | 11,167,774 | $ | 11,632,563 | |||||
| Liabilities and equity | |||||||||
| Notes payable | $ | 4,017,943 | $ | 4,591,998 | |||||
| Unsecured senior notes | 2,443,962 | 2,444,020 | |||||||
| Payables and accrued liabilities | 1,071,626 | 1,189,430 | |||||||
| Derivative financial instruments | 33,116 | 6,377 | |||||||
| Mortgage servicing liabilities | 80,492 | 82,210 | |||||||
| Nonrecourse debt - Legacy Assets | 82,731 | 86,529 | |||||||
| Excess spread financing (at fair value) | 1,036,038 | 978,183 | |||||||
| Participating interest financing | 1,285,853 | 1,202,252 | |||||||
| Mortgage servicing rights financing liabilities | 33,452 | 39,737 | |||||||
| Total liabilities | $ | 10,085,213 | $ | 10,620,736 | |||||
| Total equity | 1,082,561 | 1,011,827 | |||||||
| Total liabilities and equity | $ | 11,167,774 | $ | 11,632,563 | |||||
| SERVICING FEE INCOME BEFORE FAIR VALUE ADJUSTMENTS RECONCILIATION | |||||||||||
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(dollars in thousands) |
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| Three Months Ended | |||||||||||
| June 30, 2014 | March 31, 2014 | ||||||||||
| Servicing fee income | $ | 221,976 | $ | 235,198 | |||||||
| Loss mitigation and performance-based incentive fees | 11,570 | 13,012 | |||||||||
| Modification fees | 45,157 | 32,808 | |||||||||
| Late fees and other ancillary charges | 15,919 | 17,794 | |||||||||
| Reverse mortgage fees | 14,477 | 13,539 | |||||||||
| Other servicing fee related revenues | 5,456 | 6,180 | |||||||||
| Total servicing fee income before MSR fair value adjustments | 314,555 | 318,531 | |||||||||
| Changes in fair value due to inputs / assumptions: | |||||||||||
| MSR | 6,975 | (20,645 | ) | ||||||||
| MSR financing liability | 31,785 | 4,407 | |||||||||
| Excess spread financing | (32,078 | ) | 5,103 | ||||||||
| Net change in fair value due to inputs / assumptions: | 6,682 | (11,135 | ) | ||||||||
| Other changes in fair value (amortization): | |||||||||||
| MSR | (52,664 | ) | (57,704 | ) | |||||||
| MSR financing liability | 6,684 | 6,381 | |||||||||
| Excess spread financing | 4,942 | (1,734 | ) | ||||||||
| Net other changes in fair value: | (41,038 | ) | (53,057 | ) | |||||||
| Total servicing fee income | 280,199 | 254,339 | |||||||||
| Other fee income | 21,798 | 21,811 | |||||||||
| Total servicing revenues | $ | 301,997 | $ | 276,150 | |||||||
| CORE EARNINGS PER SHARE RECONCILIATION | |||||||||||
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(dollars and shares in thousands, except per share data) |
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| Three Months Ended | |||||||||||
| June 30, 2014 | March 31, 2014 | ||||||||||
| Net income attributable to Nationstar Inc. | $ | 66,455 | $ | 24,036 | |||||||
|
Net gain (loss) attributable to noncontrolling interests |
192 | (359 | ) | ||||||||
| Net income | 66,647 | 23,677 | |||||||||
| Income taxes | 38,941 | 15,001 | |||||||||
| Income before taxes | 105,588 | 38,678 | |||||||||
| One-time expenses | 25,730 | 39,252 | |||||||||
| MSR mark | (6,682 | ) | 11,135 | ||||||||
| Core pretax income | 124,636 | 89,065 | |||||||||
| Income taxes (using Q2'14, Q1'14 tax rate) | (45,966 | ) |
(34,543 |
) |
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| Core income | 78,670 | 54,522 | |||||||||
| Average share count | 90,194 | 90,075 | |||||||||
| Core EPS | $ | 0.87 | $ | 0.61 | |||||||
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SERVICING: CORE PRETAX INCOME RECONCILIATION |
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(dollars in thousands) |
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| Three Months Ended | |||||||||||
| June 30, 2014 | March 31, 2014 | ||||||||||
| Pretax income | $ | 67,126 | $ | 49,543 | |||||||
| One-time expenses | 25,730 | 17,900 | |||||||||
| Ramp expense | — | — | |||||||||
| Changes in fair value due to inputs or assumptions | |||||||||||
| MSR | (6,975 | ) | 20,645 | ||||||||
| MSR financing liability | (31,785 | ) | (4,407 | ) | |||||||
| Excess spread | 32,078 | (5,103 | ) | ||||||||
| Net change in fair value due to inputs or assumptions | (6,682 | ) | 11,135 | ||||||||
| Servicing core pretax income | $ | 86,174 | $ | 78,578 | |||||||
| ORIGINATIONS: CORE PRETAX INCOME RECONCILIATION | |||||
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(dollars in thousands) |
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| Three Months Ended | |||||
| June 30, 2014 | March 31, 2014 | ||||
| Pretax income | $ | 68,634 | $ | 24,182 | |
| One-time expenses | — | 15,852 | |||
| Originations core pretax income | $ | 68,634 | $ | 40,034 | |
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Q2'14 SEGMENTATION RECONCILIATION |
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| Previous Q2'14 Disclosure | ||||||||||||||||||||||||||||||
| Servicing | Solutionstar (1) | Originations | Operating | Legacy | Total | |||||||||||||||||||||||||
| Operating Expenses | $ | (237 | ) | $ | — | $ | (97 | ) | $ | (334 | ) | $ | (12 | ) | $ | (347 | ) | |||||||||||||
| Core Pretax Income | 85 | — | 54 | 139 | (14 | ) | 125 | |||||||||||||||||||||||
| Current Q2'14 Disclosure | ||||||||||||||||||||||||||||||
| Servicing | Solutionstar | Originations | Operating | Corporate / Other |
Total |
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| Operating Expenses | $ | (186 | ) | $ | (46 | ) | $ | (97 | ) | $ | (328 | ) | $ | (18 | ) | $ | (347 | ) | ||||||||||||
| Core Pretax Income | 86 | 38 | 69 | 193 | (68 | ) | 125 | |||||||||||||||||||||||
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Q1'14 SEGMENTATION RECONCILIATION |
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| Previous Q1'14 Disclosure | |||||||||||||||||||||||||||||||
| Servicing | Solutionstar (1) | Originations | Operating | Legacy | Total | ||||||||||||||||||||||||||
| Operating Expenses | $ | (206 | ) | $ | — | $ | (108 | ) | $ | (314 | ) | $ | (7 | ) | $ | (321 | ) | ||||||||||||||
| Core Pretax Income | 69 | — | 23 | 92 | (3 | ) | 89 | ||||||||||||||||||||||||
| Current Q1'14 Disclosure | |||||||||||||||||||||||||||||||
| Servicing | Solutionstar | Originations | Operating | Corporate / Other | Total | ||||||||||||||||||||||||||
| Operating Expenses | $ | (165 | ) | $ | (39 | ) | $ | (105 | ) | $ | (310 | ) | $ | (12 | ) | $ | (321 | ) | |||||||||||||
| Core Pretax Income | 79 | 26 | 40 | 145 | (55 | ) | 89 | ||||||||||||||||||||||||
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(1) Solutionstar was included in servicing under previous segmentation disclosures. |
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| SEGMENT INCOME STATEMENT | ||||||||||||||||||||||||||||||||||||
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(dollars in thousands) |
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| For the quarter ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||
| Servicing | Originations | Solutionstar | Operating |
Corporate and |
Elim. | Total | ||||||||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||||||||
| Servicing fee income | $ | 280,199 | $ | 212 | $ | 5 | $ | 280,416 | $ | 275 | $ | (22,592 | ) | $ | 258,099 | |||||||||||||||||||||
| Other fee income | 21,798 | 13,689 | 83,359 | 118,846 | (128 | ) | — | 118,718 | ||||||||||||||||||||||||||||
| Total fee income | 301,997 | 13,901 | 83,364 | 399,262 | 147 | (22,592 | ) | 376,817 | ||||||||||||||||||||||||||||
| Gain on mortgage loans held for sale | (130 | ) | 151,201 | — | 151,071 | (379 | ) | 22,224 | 172,916 | |||||||||||||||||||||||||||
| Total revenues | 301,867 | 165,102 | 83,364 | 550,333 | (232 | ) | (368 | ) | 549,733 | |||||||||||||||||||||||||||
| Total expenses and impairments | 185,690 | 97,084 | 45,510 | 328,284 | 18,427 | — | 346,711 | |||||||||||||||||||||||||||||
| Other income (expense) | ||||||||||||||||||||||||||||||||||||
| Interest income | 22,158 | 17,327 | — | 39,485 | 3,088 | 368 | 42,941 | |||||||||||||||||||||||||||||
| Interest expense | (70,014 | ) | (16,711 | ) | (90 | ) | (86,815 | ) | (52,607 | ) | — | (139,422 | ) | |||||||||||||||||||||||
| Loss on interest rate swaps and caps | (1,195 | ) | — | — | (1,195 | ) | 242 | — | (953 | ) | ||||||||||||||||||||||||||
| Total other income (expense) | (49,051 | ) | 616 | (90 | ) | (48,525 | ) | (49,277 | ) | 368 | (97,434 | ) | ||||||||||||||||||||||||
| Pretax income (loss) | 67,126 | 68,634 | 37,764 | 173,524 | (67,936 | ) | — | 105,588 | ||||||||||||||||||||||||||||
| One time expenses | 25,730 | — | — | 25,730 | — | — | 25,730 | |||||||||||||||||||||||||||||
| MSR Mark | (6,682 | ) | — | — | (6,682 | ) | — | — | (6,682 | ) | ||||||||||||||||||||||||||
| Core pretax income | $ | 86,174 | $ | 68,634 | $ | 37,764 | $ | 192,572 | $ | (67,936 | ) | $ | — | $ | 124,636 | |||||||||||||||||||||
| Earnings per share | $ | 0.74 | ||||||||||||||||||||||||||||||||||
| Core earnings per share | $ | 0.87 | ||||||||||||||||||||||||||||||||||
| SEGMENT INCOME STATEMENT | ||||||||||||||||||||||||||||||||||||
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(dollars in thousands) |
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| For the quarter ended March 31, 2014 | ||||||||||||||||||||||||||||||||||||
| Servicing | Originations | Solutionstar | Operating |
Corporate |
Elim. | Total | ||||||||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||||||||
| Servicing fee income | $ | 254,339 | $ | — | $ | 8 | 254,347 | $ | 298 | $ | (14,481 | ) | $ | 240,164 | ||||||||||||||||||||||
| Other fee income | 21,811 | 14,048 | 64,991 | 100,850 | 697 | — | 101,547 | |||||||||||||||||||||||||||||
| Total fee income | 276,150 | 14,048 | 64,999 | 355,197 | 995 | (14,481 | ) | 341,711 | ||||||||||||||||||||||||||||
| Gain on mortgage loans held for sale | (1,695 | ) | 116,200 | — | 114,505 | (672 | ) | 14,103 | 127,936 | |||||||||||||||||||||||||||
| Total revenues | 274,455 | 130,248 | 64,999 | 469,702 | 323 | (378 | ) | 469,647 | ||||||||||||||||||||||||||||
| Total expenses and impairments | 165,333 | 105,050 | 39,209 | 309,592 | 11,541 | — | 321,133 | |||||||||||||||||||||||||||||
| Other income (expense) | ||||||||||||||||||||||||||||||||||||
| Interest income | 18,664 | 21,521 | — | 40,185 | 3,380 | 378 | 43,943 | |||||||||||||||||||||||||||||
| Interest expense | (80,799 | ) | (22,537 | ) | (54 | ) | (103,390 | ) | (53,210 | ) | — | (156,600 | ) | |||||||||||||||||||||||
| Loss on interest rate swaps and caps | 2,556 | — | — | 2,556 | 265 | — | 2,821 | |||||||||||||||||||||||||||||
| Total other income (expense) | (59,579 | ) | (1,016 | ) | (54 | ) | (60,649 | ) | (49,565 | ) | 378 | (109,836 | ) | |||||||||||||||||||||||
| Pretax income (loss) | 49,543 | 24,182 | 25,736 | 99,461 | (60,783 | ) | — | 38,678 | ||||||||||||||||||||||||||||
| One time expenses | 17,900 | 15,852 | — | 33,752 | 5,500 | — | 39,252 | |||||||||||||||||||||||||||||
| MSR Mark | 11,135 | — | — | 11,135 | — | — | 11,135 | |||||||||||||||||||||||||||||
| Core pretax income | $ | 78,578 | $ | 40,034 | $ | 25,736 | $ | 144,348 | $ | (55,283 | ) | $ | — | $ | 89,065 | |||||||||||||||||||||
| Earnings per share | $ | 0.27 | ||||||||||||||||||||||||||||||||||
| Core earnings per share | $ | 0.61 | ||||||||||||||||||||||||||||||||||
Nationstar Mortgage Holdings Inc.
Marshall Murphy,
469-549-3005
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