Nationstar Mortgage Holdings, Inc. (NYSE: NSM) announced today that it has completed its acquisition of Greenlight Financial Services.
Under the deal’s closing, the company’s wholly-owned subsidiary, Nationstar Mortgage LLC, has acquired Greenlight’s origination platform and unfunded loan pipeline for a price of up to $75 million, contingent upon post-closing terms.
This includes the acquisition of Greenlight’s reverse mortgage division announced in early May. Weeks after the initial deal announcement, Nationstar said it would maintain the newly acquired reverse division, running business as usual.
Greenlight, based in Irvine, California, is a direct-to-consumer originator that utilizes a high-volume, rapid turn time funding model with a focus on providing exceptional customer service.
The company’s proven expertise in television, radio and internet marketing media look to further diversify Nationstar’s origination channels, adding an established brand equipped with a “proven management team with a history of success,” according to Nationstar CEO Jay Bray.
“We are proud to add Greenlight’s employees to the Nationstar enterprise and are excited for the opportunity to further grow the Greenlight platform,” said Bray. “We expect Greenlight to immediately produce results for Nationstar by adding more than $0.70 of EPS on an annualized basis.”
Greenlight’s current staff includes over 700 employees in offices in Irvine, San Diego and Las Vegas, Nevada.
The company is expected to originate more than $8 billion annually, according to the statement from Nationstar.
Written by Jason Oliva