Nationstar Mortgage Holdings Inc. closed the purchase of mortgage servicing rights of roughly $97 billion in unpaid principal balance loans and certain other assets from Bank of America.
This servicing portfolio consists of rights to service UPB loans as of Dec. 31, 2012 that are owned, insured or guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae.
The initial MSR purchase and sale agreement was signed on Jan. 6 “according to schedule,” executives said.
To ensure a smooth transition, Nationstar CEO Jay Bray said, the MSR portfolios will be transferred “over the next several months.”
Nationstar is one of the largest residential servicers in the nation with a portfolio of over 1.8 million and $300 billion in unpaid principal balance as of Feb. 1.
The company expects to close on the remaining private-label securitization MSRs and other asset purchases during the first and second quarter.