Mortgage Daily Logo

Nationstar Exiting Wholesale Lending

Mortgage News

Nationstar Mortgage Holdings Inc. is unloading its wholesale lending business. But mortgage brokers will still have access to the unit.

Out of the $10.5 billion originated by subsidiary Nationstar Mortgage LLC during the first half of this year, $3.26 billion was generated through the wholesale channel.

But the Lewisville, Texas-based company is narrowing its focus on mortgage production to the consumer direct and correspondent lending channels.

So it has agreed to sell the wholesale business to Stonegate Mortgage Corp., according to an announcement Thursday.

Indianapolis-based Stonegate said that it has entered into a binding letter of intent to acquire Nationstar’s wholesale lending channel. The deal also calls for Stonegate to purchase certain distributed retail assets of Nationstar.

Some of Nationstar’s wholesale lending employees will be offered employment at Stonegate.

Wholesale originations at Stonegate accounted for $0.8 billion of its $4.0 billion in total production during the first six months of 2013.

“This acquisition enables us to further drive retail originations and serve an even larger group of mortgage brokers through our wholesale channel,” Stonegate Chief Executive Officer Jim Cutillo said in the announcement.

Stonegate completed an initial public offering last month that was expected to generate at least $136 million, and Cutillo noted in today’s statement that the Nationstar transaction “is one of a number of key initiatives that will help drive near and long-term shareholder value.”

Nationstar CEO Jay Bray was quoted in Thursday’s announcement as saying, “The transaction also fits well within Nationstar’s strategic focus on servicing, Solutionstar, consumer direct originations and correspondent.”

Related Posts

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

There is No Such Thing as a Free House …

Over the past several years, those who service loans in the State of Washington(1) have seen a dramatic rise in the number of lawsuits in which delinquent borrowers seek to quiet title to their homes on the grounds that lenders are barred from foreclosing based on...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

Mortgage Servicer Portfolios

servicing news | mortgages outstanding statistics | foreclosure news   Servicing Portfolios as of 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 Residential Servicing Portfolios by Servicer Last Updated December 14, 2018...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

Fannie Mae Profile

Last Updated December 27, 2018 7:38 PM Central   full list | other directories | bank search | SEC filings | execs | m&a | production   Government Takes Over Fannie, Freddie Sept. 8, 2008 The government has seized control of Fannie Mae and Freddie Mac. The move --...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

Freddie Mac Profile

Government Takes Over Fannie, Freddie Sept. 8, 2008 The government has seized control of Fannie Mae and Freddie Mac. The move -- which is likely to push mortgage rates lower and provide a sense of stability for the more than 10,000 employees at both companies -- is a...

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam