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Quarterly Business Slows at Nationstar

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Nationstar Mortgage LLC is the only mortgage originator so far this earnings season to report reduced production compared to the second quarter.

In the three months ended Sept. 30, Nationstar funded $4.1 billion in home loans, parent-Nationstar Mortgage Holdings Inc. reported.

Nationstar was one of the rare lenders that cut its production from the second quarter, when $4.4 billion was originated.

The counter-trend was apparently the result of Nationstar’s strategy that “right-sized and stabilized operations.”

From Jan. 1 through Sept. 30, mortgage production came to $13.2 billion.

Previously reported earnings data indicated that $8.0 billion was originated in the third-quarter 2013.

Sixty-nine percent of the most recent activity was refinance, off from 70 percent three months earlier.

Consumer direct accounted for $2.7 billion of third-quarter production.

The locked pipeline inched down to $2.4 billion from $2.5 billion.

Nationstar said it closed on commitments to acquire $16 billion in servicing during the third quarter.

As of the end of September, Nationstar serviced $377.8 billion in mortgages. The servicing portfolio slipped from $378.4 billion as of the end of June.

The servicing portfolio was modestly higher than $375 billion in residential loans serviced as of Sept. 30, 2013.

On the lender’s balance sheet were $0.195 billion in mortgages held for investment, off from $0.199 billion at the end of the prior period.

Also in the investment portfolio was $1.957 billion in reverse mortgage interests, more than the $1.772 billion as of the end of June.

Sixty-day delinquency at the Lewisville, Texas-based company was cut to 10.6 percent from 11.1 percent as of mid-year.

Prior to taxes, Nationstar earned $110 million, more than the $106 million earned in the second quarter but worse than $132 million in the year-earlier period..

Kal Raman was named chief executive officer of Solutionstar.

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