Nationstar Mortgage Holdings Inc. has announced that it has closed the purchase of mortgage servicing rights (MSR) with an approximate $97 billion unpaid principal balance (UPB), based on Dec. 31, 2012 closing balances and certain other assets from Bank of America. The transaction was completed pursuant to the previously announced MSR purchase and sale agreement, dated Jan. 6, 2013. This servicing portfolio consists of rights to service loans that are owned, insured or guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae.
“We are glad to have completed this important milestone in the acquisition according to schedule,” said Nationstar CEO Jay Bray. “We look forward to boarding these portfolios over the next several months and working in partnership with Bank of America to ensure customers experience a smooth transition to Nationstar.”
Nationstar expects to close on the remaining private label securitization MSR and other certain asset purchases as necessary third-party approvals are received in Q1 and Q2 2013.