Log in
E-mail
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
Latest news
Date Title
07:06a LINK MOBILITY GROUP ASA : Key information relating to the conditional subsequent offering to be carried out
07:06a XLMEDIA : *berenberg initiates xlmedia with 'buy' - target 130 pence
07:06a COMPUTACENTER : *berenberg initiates computacenter with 'hold' - target 750 pence
07:05a JOHN STUMPF : Wells Fargo chief Stumpf heads to Hill with pressure mounting
07:05a MANHATTAN : Corporate Governance Statement and Appendix 4G
07:05a MANHATTAN : Drilling Commences at Ponton WA
07:05a MANHATTAN : 2016 Annual Report and Financial Statements
07:05a MINISTRY OF AGRICULTURE OF PEOPLE REPUBLIC O : Vice Minister Qu Dongyu Attends the 4th APEC Ministerial Meeting on Food Secu...
07:05a LINK MOBILITY GROUP ASA : Notice extraordinary general meeting
07:05a MINISTRY OF AGRICULTURE OF PEOPLE REPUBLIC O : Analysis of the US challenge against China's grain support policies
Latest news
Advertisement
Hot News 
0.12%Asian Shares Gain After OPEC Deal
-0.19%Oil Prices Climb on OPEC's Output Cut Deal, But Skepticism Looms
Most Read News
09/28 U.S. APPROVES BOEING, LOCKHEED FIGHTER JET SALES TO GULF : sources
09/28DJOil Prices Climb on OPEC's Output Cut Deal, But Skepticism Looms
09/28 Three Japan conglomerates aim to merge nuclear fuel operations - source
09/28 Samsung's sincerity on test
09/28 CREDIT SUISSE, BARCLAYS IN MORTGAGE-SETTLEMENT TALKS WITH DOJ : Bloomberg
Most recommended articles
09/26Predicting the U.S. Elections With The WMA Trump/Clinton Barometer
12:40aDJIn South Australia, Blackout Shuts Mines, Reignites Renewables Debate -- Update
12:33a Seoul court denies arrest warrant for Lotte Group chairman; corruption probe continues
12:19a SAMSUNG ELECTRONICS : says in talks with U.S. watchdog on washing machine safety issues
09/28 Three Japan conglomerates aim to merge nuclear fuel operations - source