Nationstar to Buy $10.4 Billion in Mortgage-Servicing Rights from BofA

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Nationstar to Buy $10.4 Billion in Mortgage-Servicing Rights from BofA

Nationstar to Buy $10.4 Billion in Mortgage-Servicing Rights from BofA

WSJ-

Nationstar Mortgage Holdings Inc.  has agreed to acquire roughly $10.4 billion in residential-mortgage-servicing rights from Bank of America Corp. as the mortgage servicer looks to seize more share from traditional banks scaling back in the business.

The deal is the latest for Nationstar, which already has agreements to add more than $430 billion of mortgage-servicing rights, or MSRs, making it the largest nonbank-mortgage servicer in the U.S. Mainstream lenders have been exiting from the servicing business as concerns over new capital requirements, regulatory scrutiny and other factors weigh on banks.

“There continues to be a lot of pressure on financial institutions, a lot of pressure from a regulatory standpoint, from a customer-service standpoint, from a … capital standpoint,” said Jay Bray, chief executive of Nationstar, at an investor conference Tuesday. “The financial institutions are looking very hard at reducing their residential exposure and reducing their overall servicing portfolio, and we’ve been one of the big beneficiaries of that and we think that trend is going to continue.”

[WALL STREET JOURNAL]

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