Lewisville, Texas-based Nationstar Mortgage Holdings Inc. has announced that its Nationstar Mortgage LLC subsidiary has signed a definitive agreement to acquire approximately $10.4 billion in residential mortgage servicing rights (MSRs), as measured by unpaid principal balance, from Bank of America.
According to Nationstar, the acquired servicing portfolio consists entirely of loans in government-sponsored enterprise pools. Nationstar will fund a portion of the MSR purchase price with the proceeds of a 65% co-investment by Newcastle Investment Corp.
Nationstar expects the loans to transfer from Bank of American next month.
