Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

Nationstar Mortgage Completes Acquisition of Servicing Assets of Aurora Bank

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/29/2012 | 12:05pm CEST

Nationstar Mortgage Holdings Inc. (NYSE: NSM) announced today that Nationstar Mortgage LLC, an indirectly-held, wholly-owned subsidiary, has completed the acquisition of approximately $63.7 billion in residential mortgage servicing rights ("MSRs"), as measured by unpaid principal balance, and certain other assets from Aurora Bank FSB and its wholly owned subsidiary Aurora Loan Services LLC (collectively, "Aurora"), a subsidiary of Lehman Brothers Bancorp Inc. The composition of the Aurora portfolio is approximately 75% non-conforming loans in private label securitizations and approximately 25% conforming loans in GSE pools. With this acquisition Nationstar has grown its servicing book to approximately $177 billion, representing approximately one million customers. Nationstar funded a portion of the MSR purchase price with the proceeds of a 65% co-investment by Newcastle Investment Corp.

"The closing of the Aurora acquisition represents another exciting milestone in Nationstar's history and adds to our track record of successfully integrating servicing portfolios," said Nationstar CEO Jay Bray. "We remain focused on our performance-based servicing model that provides exceptional service and the benefit of Nationstar's extensive resources to help customers achieve and preserve homeownership."

Keefe Bruyette & Woods, Inc. and Deutsche Bank Securities Inc. served as financial advisors to Aurora. Sidley Austin LLP served as legal advisor to Nationstar Mortgage LLC and Arnold & Porter LLP served as legal advisor to Aurora.

About Nationstar Mortgage Holdings Inc.

Based in Lewisville, Texas, Nationstar currently services approximately one million residential mortgages totaling approximately $177 billion in unpaid principal balance. In addition, Nationstar operates an integrated loan origination platform, enabling it to both mitigate its servicing portfolio run-off and improve credit performance for loan investors. Nationstar currently employs over 3,500 people, entirely based in the United States.

Forward-Looking Statements

This press release contains forward-looking statements that are based on assumptions and existing information and involve certain risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could affect these statements include, but are not limited to, the impact of the ongoing implementation of the Dodd-Frank Act on Nationstar's business activities and practices, costs of operations and overall results of operations; the impact on Nationstar's servicing practices of enforcement consent orders and agreements entered into by certain federal and state agencies against the largest mortgage servicers; increased legal proceedings and related costs; the continued deterioration of the residential mortgage market, increase in monthly payments on adjustable rate mortgage loans, adverse economic conditions, decrease in property values and increase in delinquencies and defaults; the deterioration of the market for reverse mortgages and increase in foreclosure rates for reverse mortgages; Nationstar's ability to efficiently service higher risk loans; Nationstar's ability to compete successfully in the mortgage loan servicing and mortgage loan originations industries; Nationstar's ability to scale-up appropriately and integrate the assets, employees, operations and platforms related to the Transaction; Nationstar's ability to obtain sufficient capital to meet its financing requirements, including, but not limited to, our ability to obtain advance finance facilities sufficient to fund the purchase price for this acquisition; changes to federal, state and local laws and regulations concerning loan servicing, loan origination, loan modification or the licensing of entities that engage in these activities; and the loss of Nationstar's licenses. These factors and other risks and uncertainties are discussed in Nationstar's annual report on Form 10-K for the fiscal year ended December 31, 2011 and its quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2012, in each case as filed with the SEC, and any additional periodic reports Nationstar files with the SEC.

Nationstar Mortgage Holdings Inc.
Marshall Murphy, 469-549-3005


© Business Wire 2012
share with twitter share with LinkedIn share with facebook
share via e-mail
0
React to this article
Latest news
Date Title
05:04a GRANITE CONSTRUCTION : Trolley rails to be welded soon in South Side
05:01a PNC FINANCIAL SERVICES : BNY Mellon OK'd for dividend hikes
05:00a PACIFIC BASIN SHIPPING : Monthly Return of Equity Issuer on Movements in Securities
04:57a XCEL ENERGY : power line plans have Victoria residents charged up
04:55a CEBU AIR : CEB boosts service between Manila and Virac
04:55a EAA ECOTOURISM ASSOCIATION OF AUSTRALIA : Seabob Jet Australia achieves Ecotourism certification
04:50a HITACHI ZOSEN : Hitz US Subsidiary Opens Houston Branch amid Rush on Construction of Shale Gas-based Fertilizer Plants
04:50a AV CONCEPT : Year Ended 31 March 2016 Annual Results Announcement
04:46a PINNACLE BK OF ORE : The Spokesman-Review, Spokane, Wash., Doug Clark column
04:45a MMC BERHAD : Ptp to invest more than rm8.6 billion on new berths and equipment
Latest news
Advertisement
Hot News 
TESARO’s Niraparib Significantly Improved Progression-Free Survival for Patients With Ovarian Cancer in Both Cohorts of the Phase 3 NOVA Trial
Galena Biopharma Discontinues NeuVax™ (nelipepimut-S) Phase 3, PRESENT Interim Analysis based on Independent Data Monitoring Committee Recommendation
BRAMMER : Share Price Halves On Profit Warning; May Scrap Interim Payout
DIAMOND RESORTS (DRII) ALERT : Johnson & Weaver, LLP Launches an Investigation into the Fairness of Price and Process in Proposed Sale of Diamond Resorts International, Inc.; Is $30.25 a Fair Price?
ECLIPSE RESOURCES CORPORATION : Prices Public Offering of Common Stock
Most Read News
10:38p Asia stocks rise as post-Brexit rebound continues, yen stays flat
Most recommended articles
04:15p Gold Prices Consolidating Another Bullish Breakout
03:05aDJStocks Rise as Brexit Worries Ease
10:38p Asia stocks rise as post-Brexit rebound continues, yen stays flat
10:16pDJAmazon Gets Back in the Phone Business
10:05pDJRio Tinto Walks Away From Closed Bougainville Copper Mine