A national lender has picked up a California-based online lender for its marketing, sales, servicing.
Nationstar Mortgage, a national lender based in Lewisville, Texas, has acquired Greenlight Financial, a California-based online retail loan originator for US$ 75m.
Nationstar says it will benefit from Greenlight’s online retail sales, a channel at this point untapped by Nationstar, according to a company spokesperson. Further, Nationstar will use Greenlight’s TV, radio and online mass marketing strategies, which is expected to result in an additional US$ 8bn of originations for Nationstar, according to company.
Acquiring servicing revenue will be key in Nationstar’s purchase of Greenlight. Nationstar said in its first quarter earnings release that the acquisition will result in increased revenue of servicing, The company has been vigorously acquiring serwhich they have been vigorously acquiring over the last year.
Nationstar’s servicing portfolio grew to US$ 312bn as of 1Q2013 from US$ 103bn in 1Q2012.