Seneca Mortgage Servicing has selected Nationstar as the subservicer for its current and future acquisitions of servicing rights, according to a HousingWire report. Seneca currently owns around $50 billion in servicing rights, consisting mainly of Fannie Mae and Freddie Mac residential mortgages.
Nationstar said in a press release that it would assume Seneca’s existing office location, along with “many highly skilled team members.”
“We are pleased to partner with an experienced and respected subservicer in Nationstar, a company with similar roots and a strong commitment to serving its customers,” said Bharat Bhatt, chairman of Seneca’s board. “They are the best partner for Seneca’s existing customers and for our continued growth as we add MSRs to our portfolio through flow and bulk acquistitions.”
Nationstar said it projects that its Seneca subservicing portfolio will grow to more than $100 billion by year’s end, HousingWire reported.
“We continue to demonstrate the strength of our industry-leading mortgage servicing platform,” said Jay Bray, president and CEO of Nationstar. “Subservicing has become a powerful growth vehicle for Nationstar driven by our focus on the customer and continual investments in technology, process, and compliance. Seneca's highly-regarded team will help advance our subservicing growth strategy and we are excited to welcome them to the Nationstar family."
Nationstar Mortgage Holdings has just landed a $50 billion subservicing contract.