Nationstar Completes Acquisition of Champion Mortgage
Dallas-based Nationstar Mortgage LLC announced Thursday that it has completed the acquisition of the Parsippany, N.J.-based Champion Mortgage origination platform from KeyCorp (NYSE: KEY). The transaction was previously announced December 1, 2006 and includes over 250 employees and four call centers located in Parsippany, N.J., Marlborough, Mass, Melville, N.Y. and Marlton, N.J. The acquisition does not include the $2 billion Champion Mortgage loan portfolio, which was sold separately to HSBC Holdings, Plc. Champion Mortgage will become an operating division of Nationstar Mortgage, maintaining its well-known brand name while leveraging the corporate support and structure of Nationstar Mortgage. The Champion executive management team will also remain in place under Mike Caccaiguida, executive vice president. Cacciaguida will report to Anthony H. Barone, president and CEO of Nationstar Mortgage. â€œChampion Mortgage has a rich heritage and an excellent reputation as a premier mortgage lender in each of the markets it serves,â€? said Barone. â€œWe will continue Champion's long-standing history, brand and commitment to their customers, and we are excited by the addition of Champion to the Nationstar Mortgage team.â€? Nationstar Mortgage currently ranks as the eighth largest retail non-prime lender in the United States and is licensed to do business in 47 states. Retail loans are originated through 70 branches nationwide and four centralized call centers located in Dallas, Phoenix, Denver and Cincinnati. The company also sources loans indirectly through mortgage loan brokers and bankers served by four wholesale service centers located in Laguna Hills, Calif., Dallas, West Palm Beach, and Milford, Conn. The company provides loan servicing to its $10.5 billion loan portfolio in its Dallas based service center. For more information, visit http://www.nationstarmtg.com.