Julián Castro sworn in, spends first day as HUD Secretary

Julián Castro sworn in, spends first day as HUD Secretary

Former San Antonio mayor takes over for Shaun Donovan

Blackstone adviser: Investors worried about ‘serious correction’

Byron Wien still holds his line

It’s official: Zillow will own Trulia

"Better agents make for better advertisers"
W S
Servicing

Nationstar closes on $16 billion in Aurora servicing

Nationstar Mortgage Services (NMS) closed on a deal to buy $16.1 billion in servicing rights previously owned by Aurora Bank.

The rights are tied to loans bundled into Fannie Mae and Freddie Mac pools, according to a financial filing.

In March, Aurora agreed to sell $63 billion in MSRs to Nationstar.

Nationstar said it expects to close on the remaining servicing rights on June 26.

While many banks are reducing their servicing portfolios, nonbank firms like Nationstar are expanding.

Earlier in June, the Texas servicer purchased $10.4 billion in GSE servicing rights from Bank of America (BAC).

Nationstar is bidding with Berkshire Hathaway BRK.A"> and Ocwen Financial Corp. (OCN) to acquire Residential Capital servicing after Ally Financial put the unit bankruptcy last month.

Should Nationstar win the bid, it will become the largest nonbank servicer in the U.S.

jprior@housingwire.com

@JonAPrior

Recent Articles by Jon Prior

Comments powered by Disqus