HousingWire – Kerri Ann Panchuk
Mortgage servicer Nationstar posted a first-quarter profit of $62.6 million and announced the strategic acquisition of the Greenlight Financial Services mortgage origination business. The move shows the servicing giant modeling other larger firms in the mortgage space by buffering its servicing business with an originations platform. Nationstar ($37.74 0%) acquired Greenlight Financial Services for $75 million in cash and expects to close on the deal in the second quarter. Irvine, Calif.-based Greenlight specializes in a rapid turn time funding model and conducts outreach through TV, radio and media, Nationstar said. "The acquisition will further diversify Nationstar’s origination channels and add a low-cost, profitable source for servicing asset creation, while also providing additional capacity for HARP and recapture loans," Nationstar wrote in its earnings statement. Greenlight is expected to originate more than $8 billion in loans annually and currently has 700 employees.