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Nationstar to buy servicing rights from BofA
(Reuters) - Nationstar Mortgage Holdings Inc (NSM.N) said one of its units will acquire residential mortgage servicing rights from Bank of America (BAC.N) for an undisclosed amount.
The residential mortgage loan servicer said Nationstar Mortgage LLC will buy about $10.4 billion in residential mortgage servicing rights, as measured by unpaid principal balance, from the biggest U.S. bank.
Mortgage servicing rights (MSRs) refer to the right to collect payments and handle foreclosures, sometimes transferred by the original lender to a third party.
Mortgage servicers also make advances to mortgage owners when a loan goes bad, to cover principal and interest payments.
The acquired portfolio consists entirely of government-sponsored enterprise pools, Nationstar said.
Nationstar will fund part of the purchase price from the proceeds of a co-investment by Newcastle Investment Corp (NCT.N).
Newcastle, which invests in real estate debt and other real estate-related assets, said separately that it has invested about $44 million to acquire the right to receive 65 percent of the monthly cash flow generated by the MSRs.
(Reporting by Sharanya Hrishikesh in Bangalore; Editing by Maju Samuel)
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