Re: | Nationstar Mortgage LLC and Nationstar Capital Corporation Amendment No. 6 to Registration Statement on Form S-4, Filed on June 9, 2011 (File No. 333-171370) (the Registration Statement) |
1. | Please revise your table on page 108 to differentiate the balance of loans serviced that do not require the high touch model and those that do. |
Response: |
2. | We note your disclosure, here and on page F-69, of the key assumptions used to measure the fair value of your mortgage servicing asset. We also note the wide range of assumptions; for example, a credit loss assumption that ranges from 5.82% to 60.19% at December 31, 2010 and March 31, 2011 and a discount rate that ranges from 9.7% to 30.0% at December 31, 2010 and March 31, 2011. In light of this wide range, please revise to separately report the assumptions for your high touch model from your loans that are not serviced under your high touch model. To the extent that either of these categories has a relatively high range in the assumptions used, please revise to provide the weighted average as well. |
Response: |
3. | Please refer to our previous comment seven in our letter dated June 21, 2011, including your revised disclosure indicating that the collateral values used to derive the LTVs in your table on page 68 were obtained at various points during the prior eighteen months. To the extent possible, please revise to clarify the average time period in which values are updated. Please revise to describe the steps you take in the interim to ensure that your estimations of future cash flows factored in recent changes in collateral values. |
Response: |
Sincerely, CLEARY GOTTLIEB STEEN & HAMILTON LLP |
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/s/ Duane McLaughlin | ||||
Duane McLaughlin, a Partner | ||||
cc: | Anne Sutherland, Esq. Executive Vice President and General Counsel Nationstar Mortgage LLC |
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