TheMReport — News and strategies for the evolving mortgage marketplace.
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LOCAL EDITION SERVICING Nationstar to Acquire $10.4B Servicing Portfolio BANK OF AMERICA SELLS BILLIONS IN GSE-BACKED RESIDENTIAL MORTGAGE SERVICING RIGHTS TONATIONSTAR HOLDINGS. NEW YORK // Nationstar Mortgage, LLC, a wholly owned subsidiary of Nationstar Mortgage Holdings, Inc., has announced that it reached a deal with Bank of America to acquire residential mortgage servic- ing rights for a portfolio with $10.4 billion in unpaid principal balance. The entire portfolio is backed by the GSEs. The deal was struck with a current portfolio totals almost $103 billion in unpaid principal balance. In addition to servicing, Nationstar also offers integrated loan origination services. Nationstar expects to receive the portfolio sometime this month. The Texas-based servicer's announced an upgraded driver that it billed as a way for companies to streamline and enhance their online document management systems. The SureClose Print Driver 3.0, now Mac OS X compatible, is able to send documents prior of PropertyInfo, said in a release. "We are confident the expanded features of the print driver will improve the customer experience for our SureClose Advantage users." PropertyInfo, based in Houston, is a wholly owned subsidiary of Stewart Title Company and delivers real estate information solutions to the real estate, closing, and mortgage industries. Oldest Mortgage Servicing Software Provider Celebrates 36 Years co-investment from New York- based Newcastle Investment Corp. Newcastle's $44 million contribution toward the pur- chase price of the portfolio comes with the rights to 65 per- cent of the proceeds Nationstar acquires from servicing the loans. This is the latest deal in a recent trend as some large banks look to unload some of their ser- vicing portfolios amid uncertain- ty in the market and increased regulatory demands. "The financial institutions are MCDONALD TOUTS THE CONTINUED SUCCESS OF ITS PROGRAMS AND PLATFORMS AS THE COMPANY MARKS A MILESTONE. MICHIGAN // McDonald Computer Corp., a mortgage servicing software provider based in Southfield, Michigan, will celebrate its 36th successful anniversary this summer. McDonald's signature product looking very hard at reducing their residential exposure and reducing their overall servicing portfolio, and we've been one of the big benefi- ciaries of that; and we think that the trend is going to continue, Bray, Nationstar's CEO, said in a recent investor conference, accord- ing to the Wall Street Journal. Nationstar acquired Residential " Jay Capital LLC's mortgage portfolio when the company filed bank- ruptcy in mid-May. At the time, ResCap held $374 billion in mortgage servicing as- sets, $201 billion in primary resi- dential servicing rights, and $173 billion in subservicing contracts. Nationstar also reached a deal to acquire MetLife's reverse mortgage origination business when the insurer decided to exit the reverse mortgage sector in late April. 56 | THE M REPORT PropertyInfo Unveils Upgraded Driver for Document Management PROMISING ENHANCED AND SIMPLIFIED PROCESSING, THE COMPANY ROLLS OUT UPDATES TO ITS SURECLOSE PLATFORM. TEXAS // PropertyInfo Corp., a Stewart company, has to uploading them to SureClose, upload multiple documents in one session, merge and spilt documents in one session, merge and spilt documents and reorder pages, and upload documents to SureClose in color to keep consistency with originals. "PropertyInfo continually Servicing/T.I.M.E. was launched in 1980 and reinvented in 2008 when the company released the Web/T.I.M.E. The revised software is a McDonald Computer Corp. will celebrate its 36th successful anniversary this summer. web-based, real-time program developed by mortgage bankers to best accommodate their changing needs, according to McDonald Company. The platform allows lenders to access loan information any time, day or night, through a protected connection. The product can also accommodate all loan types, including first and second mortgages, ARMs, home equity loans, balloon loans, and more. Founded by Jim McDonald in strives to increase customer efficiency and productivity by offering the latest technology," Tom Groom, chief technology officer of SVP real estate segment 1976, McDonald Computer is the oldest privately owned mortgage servicing solution provider in the U.S. "As we enter our 37th year and the industry landscape continues to change, we are SECONDARY MARKET ANALYTICS SERVICING ORIGINATION