""Nationstar Mortgage"":https://www.nationstarmtg.com/ revealed an agreement to acquire Greenlight Financial Services for up to $75 million in cash.[IMAGE]
The Lewisville-Texas based servicer made the announcement in its first quarter earnings report Tuesday. Nationstar expects Greenlight to originate more than $8 billion annually and says the move will further diversify its origination channels and serves as a means for providing additional capacity for Home Affordable Refinance Program (HARP) and recapture loans.[COLUMN_BREAK]
""We are excited to announce the strategic acquisition of Greenlight Financial Services, a leading direct-to-consumer originator that provides us with another profitable lending channel for servicing asset generation,"" said Jay Bray, CEO of Nationstar. ""We welcome the Greenlight employees to the Nationstar family. The macro landscape offers tremendous opportunities to Nationstar, and we will continue to be opportunistic as we focus on the customer experience, asset performance and shareholder value.""
Greenlight, based in Irvine, California, has over 700 employees.
Nationstar also reported first quarter net income of $62.6 million, or $0.70 per share, down from $63.8 million, or $0.71 per share, in the fourth quarter of 2012, but up from $50.2 million in the first quarter of 2012, or $0.67 per share.
Revenue expanded 30 percent to $431.1 million in the first quarter and surged 163 percent from $164.1 million a year ago.
Nationstar's servicing portfolio--as measured by unpaid principal balance (UPB)--was up 50 percent to $312 billion compared to the fourth quarter and up 203 percent from a year ago when UPB stood at $103 billion.