Nationstar Mortgage Holdings reported net income of $123.4 million for the second quarter, up from $36.3 million a year ago, as a result of strong growth in its servicing and origination businesses.
“We generated strong sequential earnings across our entire platform in the second quarter,” Nationstar chief executive Jay Bray said Tuesday morning in releasing the company’s financial results.
Nationstar ended the second quarter with a servicing portfolio with an unpaid principal balance of $318 billion, up 67% from a year ago.
The CEO noted that Nationstar “successfully boarded” the Bank of America GSE and Ginnie Mae servicing portfolio during the second quarter. And the Lewisville, Texas, company is now boarding B of A private-label servicing and other servicing acquisitions.
Pro forma, Nationstar says it has a $435 billion servicing portfolio.
Meanwhile, Nationstar originated $7.1 billion in single family loans in the second quarter via its wholesale, correspondent and builder channels and by refinancing loans in its servicing portfolio.
Second quarter originations included $2.7 billion in HARP loans. The company estimates its servicing portfolio has $45 billion in refinancing opportunities, considering it has a 48% recapture rate.
“Nationstar continues to expect origination volume to exceed $23 billion in 2013 and $31 billion in 2014,” the company said.
