Nationstar to Acquire $10.4B in Mortgage Servicing Rights from BofA
Nationstar Mortgage Holdings Inc. (NSM) has agreed to acquire roughly $10.4 billion in residential mortgage servicing rights from Bank of America Corp. (BAC) as the mortgage servicer looks to seize more share from traditional banks scaling back in the business.
The deal is the latest for Nationstar, which already has agreements to add more than $430 billion of mortgage servicing rights, or MSRs, making it the largest non-bank mortgage servicer in the U.S. Mainstream lenders have been exiting the servicing business as concerns over new capital requirements, regulatory scrutiny and other factors weigh on banks.
“There continues to be a lot of pressure on financial institutions, a lot of pressure from a regulatory standpoint, from a customer service standpoint, from a … capital standpoint,” Jay Bray, chief executive of Nationstar, said at an investor conference Tuesday. “The financial institutions are looking very hard at reducing their residential exposure and reducing their overall servicing portfolio, and we’ve been one of the big beneficiaries of that and we think that trend is going to continue.”
As a mortgage servicer, Nationstar provides administrative functions on loans that are held by banks, government organizations, private investment funds and other owners of mortgage loans and securities. It earns revenue based primarily on the unpaid principal balance of loans serviced.
Rest here…
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How can BOA sell something like “the servicing of a loan” when they do not own the loan. No valid or lawful assignment has been filed in the county records….can you say Civil Conspiracy to defraud a homeowner….
This company got my mortgage from BOA and they have terrorized my family ever since. They talked me into a “restructuring” in May, 2013 and wouldn’t accept a payment since. During this time they have doubled what I should owe them in “lawyer fees and late charges”, proceeded with foreclosure, had papers served on me, then turned me down for the loan. I would join any class action lawsuit against them and told them at the foreclosure hearing, where they sent a hackey from their office to say there would be no hearing, that the loan was still in review, to go back and tell his boss that my house would NOT be a property that Nationstar would be liquidating to save BOA’s ass.
Avoid Nationstar at all costs. Scam fees, very unethical. I would not be surprised if there is a class action lawsuit against these scammers soon.
How many of those loans are fraudulent?
Ding Dong..the wicked witch is finally dead
http://www.youtube.com/watch?v=rHJoj9IqeKg
I will be dancing in the streets when BofA shuts down..
.Id say to watch for a very sad holiday season for Bank of America…