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Nationstar Mortgage Lending Jumps, Could Go Higher

A sequential acceleration in home-lending activity at Nationstar Mortgage Holdings Inc. is likely to repeat as the company trimmed refinance share. Delinquency dropped.

In the three months ended Sept. 30, income before income tax expense at Nationstar was $12 million, according to its earnings data for the third quarter.

Income at the
Dallas-based organization sank from the same-three months in 2016, when it earned $71 million. But returns swung from a $29 million second-quarter 2017 loss.

Servicing income made up $15 million of the latest quarterly total, origination income was $45 million and Xome’s net was $11 million.
The difference, a $59 million charge, was for “corporate and other.”

The mortgage-banking firm originated $5.102 billion during the three months ended Sept. 30. Business improved from $4.254 billion in the second quarter. But, as has been reported by many of its peers, volume retreated from the third-quarter 2016, when production was $5.5 billion.

Home lending during the nine months ended Sept. 30 worked out to $13.988 billion.

The final quarter of this year is likely to see slightly more lending based on total pull-through adjusted lock volume, which climbed to $4.9 billion in the third quarter from $4.2 billion in the prior three-month period.

Refinance share was cut to 64 percent from 71 percent in the second quarter.

Nationstar serviced 3.3 million loans with a collective unpaid principal balance of $533 million, the “largest servicing portfolio in company history.” The portfolio was $498 billion as of mid-year 2017 and $453 billion as of Sept. 30, 2016.

Single-family assets concluded the quarter at $10.442 billion. The balance was comprised of $10.299 billion in reverse mortgage interests and $0.143 billion in mortgage loans held for investment. The overall total was reduced from $10.752 billion three months prior. But Nationstar has beefed up its residential holdings from $7.490 billion a year prior.

Sixty-day delinquency concluded the third-quarter 2017 at 3.2 percent, improving from 3.5 percent at the end of June
and 5.0 percent as of the same date last year.

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