Seneca Mortgage Servicing in Elma, N.Y., has chosen Nationstar Mortgage Holdings as the subservicer for its existing mortgage servicing rights portfolio as well as for future acquisitions.
Dallas-based Nationstar will initially handle subservicing for roughly $50 billion in MSRs, mainly made up of Fannie Mae and Freddie residential mortgages. The company will also subservice MSRs that Seneca plans to add to its portfolio via flow and bulk acquisitions, the companies said in a news release Wednesday.
Through the deal, Nationstar will also assume Seneca's existing work site and some of the company's team members who handle the existing portfolio's servicing. The two companies previously announced a $55 billion private label subservicing deal.
Altogether, Nationstar said it expects its total servicing portfolio to include more than $100 billion in subserviced portfolios by the end of 2016.
"Subservicing has become a powerful growth vehicle for Nationstar driven by our focus on the customer and continual investments in technology, process, and compliance," Nationstar President and Chief Executive Jay Bray said in the release.
