Seneca Mortgage Servicing Awards Nationstar $50 Billion Subservicing
June 15 2016 - 6:50AM
Business Wire
Nationstar Mortgage Holdings Inc. (NYSE: NSM) has been selected
by Seneca Mortgage Servicing LLC (“Seneca”) as the subservicer for
existing and future acquisitions of mortgage servicing rights
(“MSRs”) held by Seneca. Based near Buffalo, New York, Seneca
currently owns approximately $50 billion in MSRs comprised
primarily of Fannie Mae and Freddie Mac residential mortgages.
Along with the subservicing, Nationstar will expand its presence in
the northeast as the Company assumes Seneca’s existing site,
including many highly skilled team members involved in the
servicing of the existing portfolio.
“Since entering the MSR space in 2014, Seneca’s development into
a top non-bank mortgage servicer has been a testament to our
Buffalo platform and committed employees who helped us achieve that
growth,” said Bharat Bhatt, Seneca’s Chairman of the Board. “We are
pleased to partner with an experienced and respected subservicer in
Nationstar, a company with similar roots and a strong commitment to
serving its customers. They are the best partner for Seneca’s
existing customers and for our continued growth as we add MSRs to
our portfolio through flow and bulk acquisitions.”
“We continue to demonstrate the strength of our industry-leading
mortgage servicing platform,” said Jay Bray, President and Chief
Executive Officer of Nationstar Mortgage. “Subservicing has become
a powerful growth vehicle for Nationstar driven by our focus on the
customer and continual investments in technology, process, and
compliance. Seneca's highly-regarded team will help advance our
subservicing growth strategy and we are excited to welcome them to
the Nationstar family."
The Seneca subservicing will be in addition to the previously
announced $55 billion private label subservicing partnership.
Subserviced portfolios leverage the existing infrastructure,
require minimal capital outlay and provide an attractive source of
growth. Nationstar currently anticipates its total servicing
portfolio to consist of over $100 billion in subserviced portfolios
by year-end.
This transaction will be subject to regulatory approvals and
final closing items. Barclays and Houlihan Lokey served as
financial advisors and Sullivan & Cromwell LLP and Alston &
Bird LLP acted as legal advisors to Seneca. Sidley Austin LLP acted
as legal advisor to Nationstar.
About Seneca Mortgage Servicing LLC
Seneca is a nationally licensed residential mortgage servicer
specializing in prime and special servicing. A wholly owned
subsidiary of Seneca Mortgage Investments LP, Seneca acquires and
services the MSRs for a diverse portfolio of government-sponsored
and investor loans. A Fannie Mae, Freddie Mac, Ginnie Mae, HUD and
VA approved mortgage servicer, Seneca utilizes an experienced and
forward-thinking management team, effective operational processes
and consistent investment in technology to provide best-in-class
service for borrowers.
About Nationstar Mortgage LLC
Based in Dallas, Texas, Nationstar provides quality servicing,
origination and transaction based services related principally to
single-family residences throughout the United States. Additional
corporate information is available in the Shareholder Relations
section of www.nationstarmtg.com.
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Nationstar Mortgage Holdings Inc.Robert Stiles, 972-316-5383
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