Nationstar Mortgage (NYSE: NSM), a servicer of reverse mortgages through its Champion brand, is exploring a sale of the company, as re-reported by StreetInsider.com citing an original report by Bloomberg.
The company recently went through a major rebrand of its consumer-facing operations, which became known as Mr. Cooper earlier this year, and has long held a position as a reverse mortgage servicer. Nationstar’s majority owner, Fortress Investment Group (NYSE: FIG), is being acquired by SoftBank. Fortress, StreetInsider.com reported based on the information from Bloomberg, is working with advisers on a prospective sale of Nationstar, and is currently inviting bids from investors.
Nationstar plans to call for bids from potential buyers in November, the reports indicated, citing people familiar with the matter.
A spokesperson for Nationstar declined to comment on the sale rumors.
Written by Elizabeth Ecker