Bank of America over the past two weeks has unloaded roughly $12.4 billion of legacy mortgage servicing rights, selling most of it to Nationstar Mortgage, Lewisville, Texas.
Nationstar will acquire $10.4 billion of GSE-related MSRs for an undisclosed price, partnering with Newcastle Investment Corp., on the deal. According to a statement issued by Nationstar, New Castle, a publicly traded REIT, will get 65% of the deal.
One source said that Nationstar and/or New Castle might even “securitize the advances.”
REITs and private equity funds, increasingly, are showing a strong interest in buying MSRs.
Investment banking sources told National Mortgage News that B of A also sold a $2 billion package of private label MSRs to an undisclosed buyer.
The PLS package was known in the marketplace as "Puma." The other deal was labeled "Ganesha."
