Servicing

Another Nationstar executive stepping down

David Hisey resigns as EVP, chief strategy and external affairs officer

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For the second week in a row, a high-level executive at Nationstar Mortgage Holdings (NSM) is resigning.

Last week, Nationstar announced that its president and chief operating officer, Harold Lewis, informed the company that he intends to retire and will resign from his positions, effective May 31.

Nationstar announced Wednesday that David Hisey, who served as executive vice president, chief strategy and external affairs officer, informed the company that he is resigning, effective at the close of business on June 19, 2015.

Hisey’s resignation was disclosed in a filing with the Securities and Exchange Commission.

According to Hisey’s bio on Nationstar’s website, he has held the positions of executive vice president, chief strategy and external affairs officer since May 2014.

Previously, he was chief financial officer of Nationstar and Nationstar Mortgage.

Prior to joining Nationstart, Hisey was the executive vice president and deputy chief financial officer for Fannie Mae, a role he held from 2008 to 2012.

From 2005 to 2008, he served as senior vice president and controller for Fannie Mae. Prior to his most recent assignment at Fannie Mae, he also briefly served as executive vice president and chief financial officer, Hisey’s bio states.

Prior to joining Fannie Mae, Hisey was corporate vice president of financial services consulting, managing director and practice leader of the lending and leasing group of BearingPoint, a management consulting and systems integration company. 

Hisey’s departure comes on the heels of Lewis’ resignation and retirement and just after Nationstar posted a surprising loss in the first quarter, driven somewhat by a loss of servicing revenue.

The company’s first-quarter servicing segment revenue of $109 million fell 49% from Q4, mostly due to higher prepayments as rates fell, the company said earlier this month.

Those results led several analysts to downgrade the company. Analysts from FBR Capital MarketsOppenheimer and Barclays (BCS) issued significant reductions to Nationstar’s price targets, and in one case, a downgrade from “market perform” to “underperform.”

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