A new acquisition by Nationstar Mortgage LLC will expand its already fast-growing staff and substantially increase residential loan originations.
The Lewisville, Texas-based company has seen headcount rise from less than a thousand employees in 2009 to 6,200 employees as of April 30.
Now staffing at Nationstar is increasing by another 700 employees thanks to its acquisition of a production operation from a company based in Irvine, Calif.
An announcement Monday from parent Nationstar Mortgage Holdings Inc. indicated that the acquisition of Greenlight Financial Services’ origination platform and unfunded loan pipeline was completed on May 31.
The final cost of the transaction, which is subject to post-closing contingencies, will be as much as $75 million in cash.
Greenlight is a direct-to-consumer originator that utilizes a high-volume, rapid turn time funding model, according to the announcement. Production is generated from the Internet, radio and television.
The deal is expected to provide Nationstar with more capacity to handle refinance originations generated through the Home Affordable Refinance Program.
Nationstar originated nearly $8 billion last year, and Greenlight is expected to generate another $8 billion in annual production.
The acquisition is also expected to help Nationstar grow its servicing portfolio.
With the addition of Greenlight employees, Nationstar’s headcount climbed to around 6,900 employees.
“Greenlight provides Nationstar with an established brand, a proven management team with a history of success, and an opportunity to profitably expand the platform on a national basis,” Nationstar CEO Jay Bray said in the statement. “We are proud to add Greenlight’s employees to the Nationstar enterprise and are excited for the opportunity to further grow the Greenlight platform.”
In October 2012, Greenlight hired former LendingTree Loans president David Norris to be its chief executive officer.
