Tuesday, June 5, 2012

BofA sells mortgage servicing rights

Bank of America has sold more mortgage servicing rights, the latest step in a long-running push to shed noncore assets.

Texas-based Nationstar Mortgage said today it was acquiring a $10.4 billion residential portfolio, measured by the unpaid principal of the loans, from the Charlotte bank in a co-investment with Newcastle Investment Corp. The portfolio consists entirely of loans in government-sponsored enterprise pools, Nationstar said.

Bank of America has been selling off nonessential operations in recent months as part of chief executive Brian Moynihan's wide-ranging efficiency initiative Project New BAC. Mortgage servicing rights have been part of the cuts.

Nationstar currently services more than 635,000 residential mortgages, totaling nearly $103 billion in unpaid principal. The company expects the loans from Bank of America to transfer in July.