Nationstar Mortgage LLC, a subsidiary of Nationstar Mortgage Holdings Inc., has completed its acquisition of the origination platform and unfunded loan pipeline of Greenlight Financial Services for about $75 million.
The all-cash deal, which is subject to certain post-closing contingencies, gives Nationstar additional capacity to process HARP and recapture loans while profitably creating long-term servicing assets. What's more, Nationstar will benefit from Greenlight's expertise in television, radio, Internet and other mass marketing media.
‘Greenlight provides Nationstar with an established brand, a proven management team with a history of success, and an opportunity to profitably expand the platform on a national basis,’ said Nationstar CEO Jay Bray.
No word yet on whether Nationstar plans to retain all of Greenlight's approximately 700 employees.
Greenlight is expected to originate more than $8 billion annually.