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Nationstar shares up after regulators nix Wells Fargo mortgages sale

By
Kevin Dugan
Published Nov. 15, 2014, 1:03 a.m. ET

Shares of Wes Edens’ Nationstar Mortgage Holdings jumped 5.3 percent on Friday — one day after regulators put the kibosh on the proposed $39 billion sale of Wells Fargo mortgages to Ocwen Financial.

Nationstar, the No. 2 mortgage servicer in the country, with 2.2 million customers, saw its shares close at $28.70 as many on Wall Street feel the Lewisville, Tex., company could swoop in and pick up the Wells mortgage bundle.

Ocwen, the No. 1 mortgage servicer, with 2.7 million customers, saw its shares tumble 8.9 percent, to $20.60.

Nationstar is “the one candidate the market’s looking at,” said Bose George, an analyst at Keefe, Bruyette & Woods.

Cheryl Pate, a Morgan Stanley analyst, echoed that sentiment in a note sent to investors.

Mortgage servicers buy existing home loans and then profit by collecting fees on each payment made.

Buying the loans has been a booming business in the post-crisis economy as financial regulations made it harder for banks to keep riskier debt on their balance sheets.

The Wells Fargo deal was for 184,000 mortgages — one of the biggest potential mortgage loan sales ever.

Nationstar, controlled by private-equity powerhouse Fortress Capital, owned by Edens, is seen at a likely purchaser of the Wells Fargo package because of its size and because it services loans that don’t come from government agencies like Fannie Mae and Freddie Mac, George added.

While the size of the Wells deal wouldn’t make Nationstar the biggest non-bank servicer, it would do a good deal to close the gap between the two companies.

The Post first reported the breakdown of the Wells-Ocwen deal — which came after months of regulatory pressure from the New York Department of Financial services.

Ocwen has been under regulatory pressure from the DFS, as well as the Securities and Exchange Commission and the Consumer Financial Protection Bureau.

Nationstar hasn’t been immune to scrutiny, either.

DFS boss Ben Lawsky told Nationstar in March it was investigating “hundreds of complaints” from its customers about mortgage modifications and improper fees.

A Nationstar spokesman declined comment on any speculation about a Wells Fargo acquisition.