Greenlight, headquartered in Irvine, Calif., is a direct-to-consumer lender, and it is expected to produce over $8 billion annually. In December 2011, the company started a wholesale channel.
Lewisville, Texas-based Nationstar said the deal would further diversify its origination channels and add a low-cost source for adding servicing rights. It will also provide additional capacity for originating Home Affordable Refinance Program and recapture loans.
The deal was announced in Nationstar’s 1Q13 earnings press release. Jay Bray, its CEO, said, “The macro landscape offers tremendous opportunities to Nationstar, and we will continue to be opportunistic as we focus on the customer experience, asset performance and shareholder value.”
Nationstar earned $63 million in the quarter, compared with $64 million in 4Q12 and $50 million in 1Q12. It has been active in the servicing purchase arena, acquiring a $215 million portfolio from Bank of America.