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Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.


Record Originations, Earnings at Nationstar

Q2 mortgage production up 109% from Q1

Aug. 6, 2013

By Mortgage Daily staff

Nationstar Mortgage Holdings Inc. reported record mortgage originations and record earnings. Growth slowed, however, for the mortgage servicing portfolio -- which came in more than $100 billion less than Nationstar expected three months ago.

Nationstar funded $7.1 billion in home loans during the second quarter, earnings data released Tuesday indicate. The latest activity was an all-time record.

Business more than doubled from the first quarter, when $3.4 billion was originated.

In the same three months last year, residential loan production was more than 8,300 loans for $1.8 billion.

The most-recent total reflected $1.5 billion in correspondent volume, surging from just $0.3 billion three months earlier.

Loan originations generated through the Home Affordable Refinance Program were $2.7 billion, up from $1.8 billion in the prior period. Nationstar estimates it has another $45 billion in HARP potential in its servicing portfolio.

The application pipeline finished June at $12.2 billion, leaping 56 percent from the prior period. The locked pipeline jumped more than a third to $8.6 billion.

Annual production is projected to reach $23 billion this year and $31 billion in 2014.

Despite Nationstar's projection in its first-quarter earnings report that second-quarter acquisitions of mortgage servicing rights would bring the servicing portfolio to around $435 billion -- the portfolio finished June at just $318 billion.

Three months earlier, the Lewisville, Texas-based firm serviced $312 billion.

The mortgage servicing portfolio was $193 billion as of June 30, 2012.

Nationstar disclosed that it closed on the acquisition of MSRs on $47 billion in loans during July, and the rest of its MSRs under contract are expected to close later this year.

"Nationstar's pipeline of bulk MSR purchase opportunities is currently in excess of $400 billion in aggregate UPB," the report stated. "Nationstar has executed on flow agreements that are expected to produce $20 billion of UPB in annual volume, with flow servicing annual potential in excess of $55 billion of UPB as the program grows with additional clients."

As of June 30, there were $0.257 billion in mortgages held for investment that are subject to non-recourse debt. The total inched up from $0.236 billion at the end of March and $0.238 billion one year prior.

Delinquency of at least 60 days tumbled to 11.8 percent from 13.8 percent in the first quarter.

Income before taxes rose to $199 million from $101 million and was only $49 million in the year-earlier period.

After-tax income of $123 million was a record.

Headcount climbed to 7,700 employees as of July 31 from 5,400 at the close of the first quarter. At the same point in 2012, the lender employed 3,500 people.

Nationstar Mortgage profile

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