Nationstar Mortgage Holdings Inc. is picking up subservicing on $50 billion in home loans as well as a mortgage servicing platform.
As of March 31 of this year, earnings data indicate subsidiary Nationstar Mortgage LLC serviced $386 billion in loans for third parties.
But in addition to the primary servicing portfolio, the Dallas-based company says that it is in the process of expanding its subservicing.
Nationstar previously announced a
$55 billion private-label subservicing partnership.
With an agreement announced Wednesday to subservice $50 billion in mortgages for Seneca Mortgage Servicing LLC, Nationstar is well on its way pushing its sub-serviced portfolio past $100 billion.
The deal calls for Nationstar to also subservice future acquisitions of mortgage servicing rights by Seneca and assume its servicing site and servicing employees.
Seneca
, which is based near Buffalo, New York, currently owns MSRs on approximately $50 billion of primarily of Fannie Mae and Freddie Mac loans.
Nationstar noted in today’s news release that subserviced portfolios leverage existing infrastructure, require minimal capital outlay and provide an attractive source of growth.
“Subservicing has become a powerful growth vehicle for Nationstar driven by our focus on the customer and continual investments in technology, process and compliance,” Nationstar Mortgage President and Chief Executive Officer Jay Bray said in the statement. “Seneca’s highly-regarded team will help advance our subservicing growth strategy and we are excited to welcome them to the Nationstar family.”
No closing date was indicated for the transaction, which is subject to regulatory approvals and final closing items.
