Nationstar Mortgage, a wholly-owned subsidiary of Nationstar Mortgage Holdings has bought nearly $63.7bn in residential mortgage servicing rights as measured by unpaid principal balance, and certain other assets from Aurora Bank and its wholly owned subsidiary Aurora Loan Services.
Aurora portfolio of assets comprises nearly 75% non-conforming loans in private label secularisations and almost 25% conforming loans in GSE pools.
With the successful completion of the transition, Nationstar servicing book has increased to nearly $177bn, representing approximately one million customers.
Nationstar CEO Jay Bray said the closing of the Aurora acquisition represents another exciting milestone in Nationstar’s history and adds to the firm’s track record of successfully integrating servicing portfolios.
"We remain focused on our performance-based servicing model that provides exceptional service and the benefit of Nationstar’s extensive resources to help customers achieve and preserve homeownership," Bray added.
Aurora received financial advice from Keefe Bruyette & Woods and Deutsche Bank Securities while Sidley Austin served as legal advisor to Nationstar Mortgage and Arnold & Porter served as legal advisor to Aurora.