Nationstar Mortgage Announces Acquisition of Equifax Settlement Services
LEWISVILLE, Texas--(BUSINESS WIRE)-- Nationstar Mortgage Holdings Inc. (NYS: NSM) ("Nationstar"), a leading residential mortgage services company, announced today that it acquired Equifax Settlement Services Holding, LLC ("ESS") from Equifax Inc. on February 6, 2013. ESS is a leading provider of appraisal, title insurance and settlement services in the United States and serves a broad array of blue chip clients, including the largest financial institutions in the country. Nationstar intends to combine ESS with its Solutionstar platform and rebrand ESS as "Solutionstar Settlement Services".
"This acquisition will play a key role in our goal to become the long-term strategic partner of choice to financial institutions," said Nationstar CEO Jay Bray. "Combined with our asset management and recovery businesses, ESS brings critical capabilities and an experienced management team that will greatly enhance the value of Solutionstar. In support of our strategy to further broaden our real estate services offering across the entire mortgage lifecycle, we will continue to pursue strategic acquisitions of fee-based services companies that meet our return thresholds."
"Nationstar is proud to add ESS to the Solutionstar family of services," said Solutionstar President Shawn Stone. "ESS' reputation for customer service and quality execution set the company apart. We remain committed to serving ESS' current clients and are excited for the opportunity to further grow the Solutionstar platform."
ESS currently has over 130 employees based in Coraopolis, PA and Frisco, TX. ESS had over $65 million in revenue in 2012.
Based in Lewisville, Texas, Nationstar offers servicing, origination, and real estate services to financial institutions and consumers. Nationstar is one of the largest servicers in the United States, with a servicing portfolio of over 1.8 million residential mortgages in excess of $300 billion in unpaid principal balance as of February 1, 2013. Nationstar's integrated loan origination business mitigates servicing portfolio run-off and improves credit performance for loan investors. Our Solutionstar business unit offers asset management, settlement, and processing services. Nationstar currently employs over 4,900 people.
Forward Looking Statements
Any statements in this release that are not historical or current facts are forward-looking statements. Forward-looking statements include, without limitation, statements concerning plans, objectives, goals, projections, strategies, future events or performance, and underlying assumptions and other statements, which are not statements of historical facts. Forward-looking statements convey Nationstar's current expectations or forecasts of future events. When used in this release, the words "anticipate," "appears," "believe," "foresee," "intend," "should," "expect," "estimate," "target," "project," "plan," "may," "could," "will," "are likely" and similar expressions are intended to identify forward-looking statements. These statements involve predictions of our future financial condition, performance, plans and strategies, and are thus dependent on a number of factors including, without limitation, assumptions and data that may be imprecise or incorrect. Specific factors that may impact performance or other predictions of future actions have, in many but not all cases, been identified in connection with specific forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Nationstar's actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the "Risk Factors" section of Nationstar Mortgage LLC's Form 10-K for the year ended December 31, 2011, Nationstar's Form 10-Q for the quarter ended September 30, 2012, and other reports filed with the SEC, which are available at the SEC's website at http://www.sec.gov. We caution you not to place undue reliance on these forward-looking statements that speak only as of the date they were made. Unless required by law, Nationstar undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date of this release.
Nationstar Mortgage Holdings Inc.
Marshall Murphy, 469-549-3005
KEYWORDS: United States North America Texas
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