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Monday, January 30, 2017 8:00:18 AM
DALLAS--(BUSINESS WIRE)--Nationstar Mortgage Holdings Inc. (NYSE: NSM) (“Nationstar”) announced today that it has entered into a subservicing agreement with New Residential Mortgage LLC, a wholly owned subsidiary of New Residential Investment Corp. (NYSE: NRZ) (“New Residential”), a leading investor in mortgage servicing related assets. Nationstar anticipates subservicing up to $97 billion UPB mortgage loans underlying the mortgage servicing rights (“MSRs”) that New Residential has agreed to purchase from CitiMortgage, Inc.
"This announcement further demonstrates Nationstar’s role as a leading subservicing provider to the residential mortgage servicing market. We look forward to welcoming over 750,000 customers to Nationstar, and believe our strategic relationship with New Residential will create meaningful value for these customers and our shareholders,” said Jay Bray, Chairman and Chief Executive Officer of Nationstar.
Nationstar expects the MSRs to board beginning in the second quarter of this year and continue boarding throughout 2017. The transfer of subservicing to Nationstar is subject to GSE and other regulatory approvals and certain customary closing conditions.
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. With experience spanning more than 20 years, Nationstar is one of the largest servicers in the country. Additional details about Nationstar can be found at www.mynationstar.com.
http://www.businesswire.com/news/home/20170130005321/en/Nationstar-Establishes-Subservicing-Relationship-Residential
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