According to a recent story from DSNews.com, Nationstar Mortgage LLC (backed 65% by Newcastle Investment Corp) has purchased over $10 billion in servicing rights from Bank of America. It is unclear precisely what servicing rights have been purchased, but I think I speak for all investors when I say "I hope they are the default servicing rights!" If that is the case, this could result in much less stringent guidelines for purchasing individual foreclosures from B. of A. My anticipation is that this will remove the 60 day deed restriction that B. of A. places on any property purchased with cash transactions. If and when this begins to appear on the market, I know that I will be buying an awful lot more of B. of A. foreclosures....
Nationstar Mortgage Holdings Inc. announced Tuesday that Nationstar Mortgage LLC has signed a definitive agreement to acquire approximately $10.4 billion in residential mortgage servicing rights from Bank of America, National Association. The servicing portfolio consists entirely of loans in GSE pools. Nationstar will fund a portion of the purchase price with the proceeds of a 65% co-investment by Newcastle Investment Corp. and expects the loans to transfer in July 2012.
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