x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 45-2156869 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
350 Highland Drive Lewisville, TX | 75067 | |
(Address of principal executive offices) | (Zip Code) |
Large Accelerated Filer | ¨ | Accelerated Filer | ¨ |
Non-Accelerated Filer | x (Do not check if a smaller reporting company.) | Smaller reporting company | ¨ |
Exhibit No. | Description | Form | File No. | Exhibit | Filing Date | Filed or Furnished Herewith |
1.1 | Purchase Agreement, dated as of April 20, 2012, by and among Nationstar Mortgage LLC, Nationstar Capital Corporation, the guarantors party thereto, and Credit Suisse Securities (USA) LLC, Barclays Capital Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., RBS Securities Inc. and Wells Fargo Securities, LLC, as representatives of the several initial purchasers | 8-K | 001-35449 | 1.1 | April 25, 2012 | |
2.1 | Amended and Restated Asset Purchase Agreement, dated as of June 28, 2012 between Nationstar Mortgage LLC and Residential Capital, LLC, Residential Funding Company, LLC, GMAC Mortgage, LLC, Executive Trustee Services LLC, ETS of Washington, Inc., EPRE LLC, EPRE LLC, GMACM Borrower LLC and RFC Borrower LLC | 8-K | 001-35449 | 2.1 | July 5, 2012 | |
4.1 | Indenture, dated as of April 25, 2012, by and among Nationstar Mortgage LLC, Nationstar Capital Corporation, the guarantors thereto and Wells Fargo Bank, National Association, as trustee | 8-K | 001-35449 | 4.1 | April 25, 2012 | |
4.2* | Indenture, dated as of June 12, 2012 between Nationstar Agency Advance Funding Trust 2012-AW and Wells Fargo Bank, National Association, as indenture trustee | 10-Q | 001-35449 | 4.2 | August 14, 2012 | |
4.3* | Indenture, dated as of June 26, 2012 between Nationstar Advance Funding Trust 2012-W and Wells Fargo Bank, National Association, as indenture trustee | 10-Q | 001-35449 | 4.3 | August 14, 2012 | |
4.4* | Indenture, dated as of June 26, 2012, between Nationstar Advance Funding Trust 2012-R and Wells Fargo Bank, National Association, as indenture trustee | 10-Q | 001-35449 | 4.4 | August 14, 2012 | |
4.5* | Indenture, dated as of June 26, 2012 between Nationstar Advance Funding Trust 2012-C and Wells Fargo Bank, National Association, as indenture trustee | 10-Q | 001-35449 | 4.5 | August 14, 2012 | |
10.1 | Registration Rights Agreement, dated as of April 25, 2012, among Nationstar Mortgage LLC, Nationstar Capital Corporation, the guarantors party thereto, and Credit Suisse Securities (USA) LLC, Barclays Capital Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., RBS Securities Inc. and Wells Fargo Securities, LLC, as representatives of the several initial purchasers | 8-K | 001-35449 | 10.1 | April 25, 2012 | |
10.2 | Asset Purchase Agreement, dated as of May 13, 2012, between Nationstar Mortgage LLC and Residential Capital, LLC, Residential Funding Company, LLC, GMAC Mortgage, LLC, Executive Trustee Services, LLC, ETS of Washington, Inc., EPRE LLC and the additional Sellers identified on Schedule A thereto | 8-K | 001-35449 | 10.1 | May 16, 2012 |
10.3 | Current Excess Servicing Spread Acquisition Agreement for FNMA Mortgage Loans, dated as of May 13, 2012, between Nationstar Mortgage LLC and NIC MSR V LLC | 8-K | 001-35449 | 10.2 | May 16, 2012 | |
10.4 | Future Spread Agreement for FNMA Mortgage Loans, dated May 13, 2012, between Nationstar Mortgage LLC and NIC MSR V LLC | 8-K | 001-35449 | 10.3 | May 16, 2012 | |
10.5 | Current Excess Servicing Spread Acquisition Agreement for FHLMC Mortgage Loans, dated as of May 13, 2012, between Nationstar Mortgage LLC and NIC MSR IV LLC | 8-K | 001-35449 | 10.4 | May 16, 2012 | |
10.6 | Future Spread Agreement for FHLMC Mortgage Loans, dated May 13, 2012, between Nationstar Mortgage LLC and NIC MSR IV LLC | 8-K | 001-35449 | 10.5 | May 16, 2012 | |
10.7 | Current Excess Servicing Spread Acquisition Agreement for Non-Agency Mortgage Loans, dated as of May 13, 2012, between Nationstar Mortgage LLC and NIC MSR VI LLC | 8-K | 001-35449 | 10.6 | May 16, 2012 | |
10.8 | Future Spread Agreement for Non-Agency Mortgage Loans, dated May 13, 2012, between Nationstar Mortgage LLC and NIC MSR VI LLC | 8-K | 001-35449 | 10.7 | May 16, 2012 | |
10.9 | Current Excess Servicing Spread Acquisition Agreement for GNMA Mortgage Loans, dated as of May 13, 2012, between Nationstar Mortgage LLC and NIC MSR VII LLC | 8-K | 001-35449 | 10.8 | May 16, 2012 | |
10.10 | Future Spread Agreement for GNMA Mortgage Loans, dated May 13, 2012, between Nationstar Mortgage LLC and NIC MSR VII LLC | 8-K | 001-35449 | 10.9 | May 16, 2012 | |
10.11 | First Letter Agreement, dated as of June 1, 2012 among Aurora Bank FSB, Aurora Loan Services LLC and Nationstar Mortgage LLC | 8-K | 001-35449 | 10.1 | June 7, 2012 | |
10.12 | Second Letter Agreement, dated as of June 1, 2012 among Aurora Bank FSB, Aurora Loan Services LLC and Nationstar Mortgage LLC | 8-K | 001-35449 | 10.2 | June 7, 2012 | |
10.13 | Amended and Restated Asset Purchase Agreement, dated as of June 12, 2012, among Aurora Bank FSB, Aurora Loan Services LLC and Nationstar Mortgage LLC | 8-K | 001-35449 | 10.1 | June 14, 2012 | |
10.14 | Amended and Restated Current Excess Servicing Spread Acquisition Agreement for FNMA Mortgage Loans, dated as of June 28, 2012, between Nationstar Mortgage LLC and NIC MSR V LLC | 8-K | 001-35449 | 10.1 | July 5, 2012 | |
10.15 | Amended and Restated Current Excess Servicing Spread Acquisition Agreement for FHLMC Mortgage Loans, dated as of June 28, 2012, between Nationstar Mortgage LLC and NIC MSR IV LLC | 8-K | 001-35449 | 10.2 | July 5, 2012 | |
10.16 | Amended and Restated Current Excess Servicing Spread Acquisition Agreement for Non-Agency Mortgage Loans, dated as of June 28, 2012, between Nationstar Mortgage LLC and NIC MSR VI LLC | 8-K | 001-35449 | 10.3 | July 5, 2012 | |
10.17 | Amended and Restated Current Excess Servicing Spread Acquisition Agreement for GNMA Mortgage Loans, dated as of June 28, 2012, between Nationstar Mortgage LLC and NIC MSR VII LLC | 8-K | 001-35449 | 10.4 | July 5, 2012 | |
10.18 | Registration Rights Agreement, dated as of July 24, 2012, among Nationstar Mortgage LLC, Nationstar Capital Corporation, the guarantors party thereto, and Credit Suisse Securities (USA) LLC, RBS Securities Inc. and Wells Fargo Securities, LLC, as representatives of the several initial purchasers | 8-K | 001-35449 | 10.1 | July 24, 2012 | |
10.19 | Receivables Purchase Agreement, dated as of June 12, 2012, among Nationstar Agency Advance Funding Trust 2012-AW, Nationstar Agency Advance Funding 2012-AW, LLC and Nationstar Mortgage LLC | 10-Q | 001-35449 | 10.19 | August 14, 2012 | |
10.20 | Receivables Purchase Agreement, dated as of June 26, 2012, among Nationstar Advance Funding Trust 2012-C, Nationstar Advance Funding 2012-C, LLC and Nationstar Mortgage LLC | 10-Q | 001-35449 | 10.20 | August 14, 2012 | |
10.21 | Receivables Purchase Agreement, dated as of June 26, 2012, among Nationstar Advance Funding Trust 2012-R, Nationstar Advance Funding 2012-R, LLC and Nationstar Mortgage LLC | 10-Q | 001-35449 | 10.21 | August 14, 2012 | |
10.22 | Receivables Purchase Agreement, dated as of June 26, 2012, among Nationstar Advance Funding Trust 2012-W, Nationstar Advance Funding 2012-W, LLC and Nationstar Mortgage LLC | 10-Q | 001-35449 | 10.22 | August 14, 2012 | |
31.1 | Certification by Chief Executive Officer pursuant to Rules 13a 14(a) and 15d 14(a) under the Securities Exchange Act of 1934 and Section 302 of the Sarbanes-Oxley Act of 2002 | 10-Q | 001-35449 | 31.1 | August 14, 2012 | |
31.2 | Certification by Chief Financial Officer pursuant to Rules 13a 14(a) and 15d 14(a) under the Securities Exchange Act of 1934 and Section 302 of the Sarbanes-Oxley Act of 2002 | 10-Q | 001-35449 | 31.2 | August 14, 2012 | |
32.1 | Certification by Chief Executive Officer pursuant to 18 USC. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | 10-Q | 001-35449 | 32.1 | August 14, 2012 | |
32.2 | Certification by Chief Financial Officer pursuant to 18 USC. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | 10-Q | 001-35449 | 32.2 | August 14, 2012 |
101.INS | XBRL Instance Document | X | ||||
101.SCH | XBRL Taxonomy Extension Schema Document | X | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | X | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | X | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | X | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | X | ||||
* | Certain portions of this exhibit have been omitted pursuant to confidential treatment granted by the SEC under Rule 24b-2 as promulgated with the Securities Exchange Act of 1934, as amended. |
NATIONSTAR MORTGAGE HOLDINGS INC. | ||
September 11, 2012 | /s/ David C. Hisey | |
Date | David C.Hisey Chief Financial Officer |
Exhibit No. | Description | Form | File No. | Exhibit | Filing Date | Filed or Furnished Herewith | |
1.1 | Purchase Agreement, dated as of April 20, 2012, by and among Nationstar Mortgage LLC, Nationstar Capital Corporation, the guarantors party thereto, and Credit Suisse Securities (USA) LLC, Barclays Capital Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., RBS Securities Inc. and Wells Fargo Securities, LLC, as representatives of the several initial purchasers | 8-K | 001-35449 | 1.1 | April 25, 2012 | ||
2.1 | Amended and Restated Asset Purchase Agreement, dated as of June 28, 2012 between Nationstar Mortgage LLC and Residential Capital, LLC, Residential Funding Company, LLC, GMAC Mortgage, LLC, Executive Trustee Services LLC, ETS of Washington, Inc., EPRE LLC, EPRE LLC, GMACM Borrower LLC and RFC Borrower LLC | 8-K | 001-35449 | 2.1 | July 5, 2012 | ||
4.1 | Indenture, dated as of April 25, 2012, by and among Nationstar Mortgage LLC, Nationstar Capital Corporation, the guarantors thereto and Wells Fargo Bank, National Association, as trustee | 8-K | 001-35449 | 4.1 | April 25, 2012 | ||
4.2* | Indenture, dated as of June 12, 2012 between Nationstar Agency Advance Funding Trust 2012-AW and Wells Fargo Bank, National Association, as indenture trustee | 10-Q | 001-35449 | 4.2 | August 14, 2012 | ||
4.3* | Indenture, dated as of June 26, 2012 between Nationstar Advance Funding Trust 2012-W and Wells Fargo Bank, National Association, as indenture trustee | 10-Q | 001-35449 | 4.3 | August 14, 2012 | ||
4.4* | Indenture, dated as of June 26, 2012, between Nationstar Advance Funding Trust 2012-R and Wells Fargo Bank, National Association, as indenture trustee | 10-Q | 001-35449 | 4.4 | August 14, 2012 | ||
4.5* | Indenture, dated as of June 26, 2012 between Nationstar Advance Funding Trust 2012-C and Wells Fargo Bank, National Association, as indenture trustee | 10-Q | 001-35449 | 4.5 | August 14, 2012 | ||
10.1 | Registration Rights Agreement, dated as of April 25, 2012, among Nationstar Mortgage LLC, Nationstar Capital Corporation, the guarantors party thereto, and Credit Suisse Securities (USA) LLC, Barclays Capital Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., RBS Securities Inc. and Wells Fargo Securities, LLC, as representatives of the several initial purchasers | 8-K | 001-35449 | 10.1 | April 25, 2012 | ||
10.2 | Asset Purchase Agreement, dated as of May 13, 2012, between Nationstar Mortgage LLC and Residential Capital, LLC, Residential Funding Company, LLC, GMAC Mortgage, LLC, Executive Trustee Services, LLC, ETS of Washington, Inc., EPRE LLC and the additional Sellers identified on Schedule A thereto | 8-K | 001-35449 | 10.1 | May 16, 2012 | ||
10.3 | Current Excess Servicing Spread Acquisition Agreement for FNMA Mortgage Loans, dated as of May 13, 2012, between Nationstar Mortgage LLC and NIC MSR V LLC | 8-K | 001-35449 | 10.2 | May 16, 2012 | ||
10.4 | Future Spread Agreement for FNMA Mortgage Loans, dated May 13, 2012, between Nationstar Mortgage LLC and NIC MSR V LLC | 8-K | 001-35449 | 10.3 | May 16, 2012 | ||
10.5 | Current Excess Servicing Spread Acquisition Agreement for FHLMC Mortgage Loans, dated as of May 13, 2012, between Nationstar Mortgage LLC and NIC MSR IV LLC | 8-K | 001-35449 | 10.4 | May 16, 2012 | ||
10.6 | Future Spread Agreement for FHLMC Mortgage Loans, dated May 13, 2012, between Nationstar Mortgage LLC and NIC MSR IV LLC | 8-K | 001-35449 | 10.5 | May 16, 2012 | ||
10.7 | Current Excess Servicing Spread Acquisition Agreement for Non-Agency Mortgage Loans, dated as of May 13, 2012, between Nationstar Mortgage LLC and NIC MSR VI LLC | 8-K | 001-35449 | 10.6 | May 16, 2012 | ||
10.8 | Future Spread Agreement for Non-Agency Mortgage Loans, dated May 13, 2012, between Nationstar Mortgage LLC and NIC MSR VI LLC | 8-K | 001-35449 | 10.7 | May 16, 2012 | ||
10.9 | Current Excess Servicing Spread Acquisition Agreement for GNMA Mortgage Loans, dated as of May 13, 2012, between Nationstar Mortgage LLC and NIC MSR VII LLC | 8-K | 001-35449 | 10.8 | May 16, 2012 | ||
10.1 | Future Spread Agreement for GNMA Mortgage Loans, dated May 13, 2012, between Nationstar Mortgage LLC and NIC MSR VII LLC | 8-K | 001-35449 | 10.9 | May 16, 2012 | ||
10.11 | First Letter Agreement, dated as of June 1, 2012 among Aurora Bank FSB, Aurora Loan Services LLC and Nationstar Mortgage LLC | 8-K | 001-35449 | 10.1 | June 7, 2012 | ||
10.12 | Second Letter Agreement, dated as of June 1, 2012 among Aurora Bank FSB, Aurora Loan Services LLC and Nationstar Mortgage LLC | 8-K | 001-35449 | 10.2 | June 7, 2012 | ||
10.13 | Amended and Restated Asset Purchase Agreement, dated as of June 12, 2012, among Aurora Bank FSB, Aurora Loan Services LLC and Nationstar Mortgage LLC | 8-K | 001-35449 | 10.1 | June 14, 2012 | ||
10.14 | Amended and Restated Current Excess Servicing Spread Acquisition Agreement for FNMA Mortgage Loans, dated as of June 28, 2012, between Nationstar Mortgage LLC and NIC MSR V LLC | 8-K | 001-35449 | 10.1 | July 5, 2012 | ||
10.15 | Amended and Restated Current Excess Servicing Spread Acquisition Agreement for FHLMC Mortgage Loans, dated as of June 28, 2012, between Nationstar Mortgage LLC and NIC MSR IV LLC | 8-K | 001-35449 | 10.2 | July 5, 2012 | ||
10.15 | Amended and Restated Current Excess Servicing Spread Acquisition Agreement for FHLMC Mortgage Loans, dated as of June 28, 2012, between Nationstar Mortgage LLC and NIC MSR IV LLC | 8-K | 001-35449 | 10.2 | July 5, 2012 | ||
10.16 | Amended and Restated Current Excess Servicing Spread Acquisition Agreement for Non-Agency Mortgage Loans, dated as of June 28, 2012, between Nationstar Mortgage LLC and NIC MSR VI LLC | 8-K | 001-35449 | 10.3 | July 5, 2012 | ||
10.17 | Amended and Restated Current Excess Servicing Spread Acquisition Agreement for GNMA Mortgage Loans, dated as of June 28, 2012, between Nationstar Mortgage LLC and NIC MSR VII LLC | 8-K | 001-35449 | 10.4 | July 5, 2012 | ||
10.18 | Registration Rights Agreement, dated as of July 24, 2012, among Nationstar Mortgage LLC, Nationstar Capital Corporation, the guarantors party thereto, and Credit Suisse Securities (USA) LLC, RBS Securities Inc. and Wells Fargo Securities, LLC, as representatives of the several initial purchasers | 8-K | 001-35449 | 10.1 | July 24, 2012 | ||
10.19 | Receivables Purchase Agreement, dated as of June 12, 2012, among Nationstar Agency Advance Funding Trust 2012-AW, Nationstar Agency Advance Funding 2012-AW, LLC and Nationstar Mortgage LLC | 10-Q | 001-35449 | 10.19 | August 14, 2012 | ||
10.20 | Receivables Purchase Agreement, dated as of June 26, 2012, among Nationstar Advance Funding Trust 2012-C, Nationstar Advance Funding 2012-C, LLC and Nationstar Mortgage LLC | 10-Q | 001-35449 | 10.20 | August 14, 2012 | ||
10.21 | Receivables Purchase Agreement, dated as of June 26, 2012, among Nationstar Advance Funding Trust 2012-R, Nationstar Advance Funding 2012-R, LLC and Nationstar Mortgage LLC | 10-Q | 001-35449 | 10.21 | August 14, 2012 | ||
10.22 | Receivables Purchase Agreement, dated as of June 26, 2012, among Nationstar Advance Funding Trust 2012-W, Nationstar Advance Funding 2012-W, LLC and Nationstar Mortgage LLC | 10-Q | 001-35449 | 10.22 | August 14, 2012 | ||
31.1 | Certification by Chief Executive Officer pursuant to Rules 13a 14(a) and 15d 14(a) under the Securities Exchange Act of 1934 and Section 302 of the Sarbanes-Oxley Act of 2002 | 10-Q | 001-35449 | 31.1 | August 14, 2012 | ||
31.2 | Certification by Chief Financial Officer pursuant to Rules 13a 14(a) and 15d 14(a) under the Securities Exchange Act of 1934 and Section 302 of the Sarbanes-Oxley Act of 2002 | 10-Q | 001-35449 | 31.2 | August 14, 2012 | ||
32.1 | Certification by Chief Executive Officer pursuant to 18 USC. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | 10-Q | 001-35449 | 32.1 | August 14, 2012 | ||
32.2 | Certification by Chief Financial Officer pursuant to 18 USC. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | 10-Q | 001-35449 | 32.2 | August 14, 2012 | ||
101.INS | XBRL Instance Document | X | |||||
101.SCH | XBRL Taxonomy Extension Schema Document | X | |||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | X | |||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | X | |||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | X | |||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | X | |||||
* | Certain portions of this exhibit have been omitted pursuant to confidential treatment granted by the SEC under Rule 24b-2 as promulgated with the Securities Exchange Act of 1934, as amended. |
Indebtedness (Tables)
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Jun. 30, 2012
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notes Payable | A summary of the balances of unsecured senior notes is presented below (in thousands):
A summary of the balances of notes payable for the dates indicated is presented below (in thousands).
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Schedule of Maturities of Long-term Debt | The expected maturities of Nationstar's senior unsecured notes based on contractual maturities are as follows (in thousands).
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Mortgage Loans Held for Sale and Investment - Reconciliation to Cash Flow (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
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Jun. 30, 2012
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Jun. 30, 2011
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Loans Receivable Held-for-sale, Net, Reconciliation to Cash Flow [Roll Forward] | ||
Mortgage loans held for sale - beginning balance | $ 458,626 | $ 369,617 |
Mortgage loans originated and purchased, net of fees | 2,996,372 | 1,378,039 |
Cost of loans sold, net of fees | (2,639,778) | (1,490,814) |
Principal payments received on mortgage loans held for sale and other changes | 24,188 | 4,465 |
Transfer of mortgage loans held for sale to held for investment | (1,502) | (288) |
Mortgage loans held for sale - ending balance | $ 837,906 | $ 261,019 |
Derivative Financial Instruments - Derivative Instruments (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 12 Months Ended | ||||||
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Jun. 30, 2012
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Dec. 31, 2011
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Forward Contracts | Loans Held-for-sale, Mortgages [Member]
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Derivatives, Fair Value [Line Items] | ||||||||
Fair Value - Asset | $ 306 | $ 634 | ||||||
Recorded Gains / (Losses) | (328) | 592 | ||||||
Forward Contracts | Derivative Financial Instruments
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Derivatives, Fair Value [Line Items] | ||||||||
Fair Value - Liability | 10,890 | 5,830 | ||||||
Recorded Gains / (Losses) | (5,060) | (9,792) | ||||||
Forward Contracts | Designated as Hedging Instrument | Loans Held-for-sale, Mortgages [Member]
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Derivatives, Fair Value [Line Items] | ||||||||
Outstanding Notional - Asset | 7,782 | 28,047 | ||||||
Forward Contracts | Designated as Hedging Instrument | Derivative Financial Instruments
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Derivatives, Fair Value [Line Items] | ||||||||
Outstanding Notional - Liability | 2,154,800 | 691,725 | ||||||
Interest Rate Lock Commitments | Other Assets
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Derivatives, Fair Value [Line Items] | ||||||||
Fair Value - Asset | 53,193 | 11,302 | ||||||
Recorded Gains / (Losses) | 41,891 | 6,598 | ||||||
Interest Rate Lock Commitments | Designated as Hedging Instrument | Other Assets
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Derivatives, Fair Value [Line Items] | ||||||||
Outstanding Notional - Asset | 2,443,489 | 736,377 | ||||||
Interest Rate Swaps and Caps | Derivative Financial Instruments
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Derivatives, Fair Value [Line Items] | ||||||||
Fair Value - Liability | 6,778 | 6,540 | ||||||
Recorded Gains / (Losses) | 188 | 1,261 | ||||||
Interest Rate Swaps and Caps | Designated as Hedging Instrument | Derivative Financial Instruments
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Derivatives, Fair Value [Line Items] | ||||||||
Outstanding Notional - Liability | 675,124 | 193,500 | ||||||
Asset Backed Securities | Interest Rate Swap | Derivative Financial Instruments
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Derivatives, Fair Value [Line Items] | ||||||||
Fair Value - Liability | 1,243 | [1] | 0 | [2] | ||||
Recorded Gains / (Losses) | (813) | [1] | (8,058) | [2] | ||||
Asset Backed Securities | Interest Rate Swap | Designated as Hedging Instrument | Derivative Financial Instruments
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Derivatives, Fair Value [Line Items] | ||||||||
Outstanding Notional - Liability | $ 963,973 | [1] | $ 0 | [2] | ||||
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Mortgage Loans Held for Sale and Investment - Mortgage Loans Held for Investment (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
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Dec. 31, 2011
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Dec. 31, 2010
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Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total mortgage loans held for investment, subject to nonrecourse debt - legacy assets, net | $ 238,173 | $ 243,480 | |
Mortgage Loans Held for Investment
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Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans held for investment, subject to nonrecourse debt - legacy assets, net - unpaid principal balance | 365,258 | 375,720 | |
Transfer discount - accretable | (22,193) | (22,392) | (25,219) |
Transfer discount - non-accretable | (98,791) | (104,024) | |
Allowance for loan losses | (6,101) | (5,824) | (3,298) |
Total mortgage loans held for investment, subject to nonrecourse debt - legacy assets, net | $ 238,173 | $ 243,480 |
Indebtedness - Participating Interest Financing (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | ||
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Jun. 30, 2012
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Dec. 31, 2011
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Jun. 30, 2012
Participating Interest Financing
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|
Debt Instrument | |||
Interest rate, minimum | 0.53% | ||
Interest rate, maximum | 7.17% | ||
Participating interest financing | $ 181,114 | $ 0 |
Nature of Business, Basis of Presentation and Material Transaction (Details) (Common Stock)
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6 Months Ended |
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Jun. 30, 2012
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Common Stock
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Schedule of Capitalization, Equity [Line Items] | |
Number of shares issued to FIF as part of Reorganization | 70,000,000 |
Accounts Receivable (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Receivable | Accounts receivable consist of the following (in thousands):
|
General and Administrative Expenses (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
General and Administrative Expense [Abstract] | ||||
Servicing | $ 22,553 | $ 5,129 | $ 36,443 | $ 8,995 |
Professional Fees | 9,465 | 1,541 | 14,567 | 4,637 |
Depreciation and amortization | 1,854 | 808 | 3,385 | 1,560 |
Advertising | 1,306 | 1,204 | 2,048 | 2,053 |
Equipment | 1,771 | 1,086 | 3,119 | 1,994 |
Telecommunications | 1,159 | 971 | 2,328 | 1,791 |
Postage | 1,347 | 898 | 2,661 | 2,415 |
Stationary and supplies | 1,059 | 949 | 2,053 | 1,951 |
Travel | 1,884 | 818 | 2,705 | 1,512 |
Dues and fees | 1,687 | 1,471 | 2,599 | 2,444 |
Insurance, taxes, and other | 2,325 | 871 | 3,614 | 1,958 |
Total general and administrative expense | $ 46,410 | $ 15,746 | $ 75,522 | $ 31,310 |
Indebtedness - Originations Segment Notes Payable (Details) (Originations Segment, USD $)
|
6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
Notes Payable to Banks
Warehouse Facility $375 Million
|
May 31, 2012
Notes Payable to Banks
Warehouse Facility $375 Million
|
Jun. 30, 2012
Notes Payable to Banks
Warehouse Facility $250 Million (2011)
|
May 31, 2012
Notes Payable to Banks
Warehouse Facility $250 Million (2011)
|
Jun. 30, 2012
Notes Payable to Banks
Warehouse Facility $100 Million (2009)
|
Jun. 30, 2012
Notes Payable, Other
Warehouse Facility $150 Million
|
Feb. 29, 2012
Notes Payable, Other
Warehouse Facility $150 Million
|
Jan. 31, 2012
Notes Payable, Other
Warehouse Facility $150 Million
|
Jun. 30, 2012
Notes Payable, Other
ASAP Plus Facility
|
Jun. 30, 2012
Minimum
Notes Payable to Banks
Warehouse Facility $375 Million
|
Jun. 30, 2012
Minimum
Notes Payable to Banks
Warehouse Facility $250 Million (2011)
|
Jun. 30, 2012
Maximum
Notes Payable to Banks
Warehouse Facility $375 Million
|
Jun. 30, 2012
Maximum
Notes Payable to Banks
Warehouse Facility $250 Million (2011)
|
Jun. 30, 2012
Maximum
Notes Payable, Other
ASAP Plus Facility
|
|
Debt Instrument | ||||||||||||||
Maximum borrowing capacity | $ 375,000,000 | $ 175,000,000 | $ 250,000,000 | $ 100,000,000 | $ 100,000,000 | $ 150,000,000 | $ 300,000,000 | |||||||
Variable interest rate basis | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | |||||||||
Interest Rate, LIBOR Plus a spread of | 3.50% | 3.25% | 1.50% | 1.75% | 2.25% | 2.50% | 3.00% | |||||||
Maturity length | 45 days |
Commitments and Contingencies - Litigation and Regulatory Matters (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Commitments and Contingencies Disclosure [Abstract] | |||
Legal Fees | $ 4.6 | $ 6.2 | $ 1.5 |
Indebtedness - Legacy Assets (Details) (USD $)
|
Nov. 30, 2009
|
Jun. 30, 2012
Legacy Asset [Member]
|
Dec. 31, 2011
Legacy Asset [Member]
|
Jun. 30, 2012
Nonrecourse Debt-Legacy Assets
|
Dec. 31, 2011
Nonrecourse Debt-Legacy Assets
|
Jun. 30, 2012
Secured Debt
Nonrecourse Debt-Legacy Assets
|
Jun. 30, 2012
Securities Pledged as Collateral [Member]
|
Dec. 31, 2011
Securities Pledged as Collateral [Member]
|
---|---|---|---|---|---|---|---|---|
Debt Instrument | ||||||||
Nonrecourse Debt Legacy Assets | $ 106,271,000 | $ 112,490,000 | ||||||
Interest rate | 7.50% | |||||||
Unpaid principal balance on outstanding notes | 222,000,000 | 353,100,000 | 373,100,000 | |||||
Debt Instrument, Principal Amount Outstanding | $ 123,600,000 | $ 130,800,000 |
Shareholders' Equity (Details) (USD $)
|
3 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
Jun. 30, 2012
Restricted Preferred Units
|
Mar. 09, 2012
2012 Plan
Restricted Stock
|
Apr. 30, 2012
2012 Plan
Restricted Stock
|
Jun. 30, 2012
2012 Plan
Restricted Stock
|
Mar. 09, 2012
2012 Plan
Management
Restricted Stock
|
Mar. 09, 2012
2012 Plan
Members of the Board
Restricted Stock
|
Jun. 30, 2012
Predecessor Plan
|
Jun. 30, 2012
Predecessor Plan
|
Jun. 30, 2012
Nationstar Mortgage LLC
|
|
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||||
Grants | 0 | 1,191,117 | 85,716 | |||||||||||
Vesting period | 3 years | |||||||||||||
Number vesting in February 2013 | 419,358 | |||||||||||||
Number vesting in 2014 | 419,358 | |||||||||||||
Number vesting in 2015 | 420,617 | |||||||||||||
Weighted average grant date fair value | $ 4.23 | $ 14.00 | ||||||||||||
Shares of Nationstar Mortgage stock held by Nationstar LLC | 212,156 | |||||||||||||
Value of Nationstar Mortgage shares held by Nationstar LLC | $ 4,566,000 | $ 4,566,000 | $ 0 | |||||||||||
Compensation expense, net of forfeitures | 5,600,000 | 5,300,000 | 8,000,000 | 10,500,000 | 5,300,000 | 10,500,000 | ||||||||
Compensation expense to recognize in remaining 2012 | 5,400,000 | 5,400,000 | ||||||||||||
Compensation expense to recognize in 2013 | 5,900,000 | 5,900,000 | ||||||||||||
Compensation expense to recognize in 2014 | 2,500,000 | 2,500,000 | ||||||||||||
Compensation expense to recognize in 2015 | $ 400,000 | $ 400,000 |
Fair Value Measurements - Fair Value Assumptions (Details) (Excess Spread Financing)
|
6 Months Ended |
---|---|
Jun. 30, 2012
|
|
Excess Spread Financing
|
|
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement | |
Mortgage prepayment speeds | 19.00% |
Average life | 3 years 7 months 6 days |
Discount rate | 14.80% |
Shareholders' Equity - Restricted Stock Rollforward (Details) (2012 Plan, Restricted Stock, USD $)
|
1 Months Ended | 3 Months Ended | |
---|---|---|---|
Apr. 30, 2012
|
Mar. 31, 2012
|
Jun. 30, 2012
|
|
2012 Plan | Restricted Stock
|
|||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Restricted Stock outstanding at March 31, 2012 | 1,277,000 | 1,259,000 | |
Restricted Stock outstanding at March 31, 2012, Grant Date Fair Value | $ 14.00 | ||
Restricted Stock outstanding at March 31, 2012, Remaining Contractual Term | 2 years 8 months 12 days | ||
Granted | 0 | ||
Forfeited | (18,000) | ||
Restricted Stock outstanding at June 30, 2012 | 1,277,000 | 1,259,000 | |
Restricted Stock unvested and expected to vest at June 30, 2012 | 1,259,000 | ||
Restricted Stock vested and payable at June 30, 2012 | 0 |
Indebtedness - Excess Spread Financing Debt (Details) (USD $)
In Thousands, unless otherwise specified |
1 Months Ended | ||
---|---|---|---|
Jun. 30, 2012
|
Dec. 31, 2011
|
Dec. 31, 2011
Newcastle
|
|
Debt Instrument | |||
Percentage interest sold in excess cash flow | 65.00% | ||
Percentage interest retained of excess cash flow | 35.00% | ||
Excess spread financing at fair value | $ 266,693 | $ 44,595 |
Indebtedness - Notes Payable Summary (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Debt Instrument | ||
Outstanding | $ 2,412,364 | $ 873,179 |
Collateral Pledged | 2,850,976 | 976,755 |
Servicing Segment | Notes Payable, Other | MBS Advance Financing Facility
|
||
Debt Instrument | ||
Outstanding | 157,241 | 179,904 |
Collateral Pledged | 160,450 | 182,096 |
Servicing Segment | Notes Payable, Other | Securities Repurchase Facility (2011)
|
||
Debt Instrument | ||
Outstanding | 11,774 | 11,774 |
Collateral Pledged | 55,603 | 55,603 |
Servicing Segment | Notes Payable, Other | MSR Note
|
||
Debt Instrument | ||
Outstanding | 7,404 | 10,180 |
Collateral Pledged | 14,367 | 16,230 |
Servicing Segment | Notes Payable to Banks | ABS Advance Financing Facility (2010)
|
||
Debt Instrument | ||
Outstanding | 197,085 | 219,563 |
Collateral Pledged | 227,987 | 249,499 |
Servicing Segment | Notes Payable to Banks | Agency Advance Financing Facility (2011-1)
|
||
Debt Instrument | ||
Outstanding | 42,705 | 25,011 |
Collateral Pledged | 47,492 | 28,811 |
Servicing Segment | Notes Payable to Banks | AW Agency Advance Financing Facility (2012)
|
||
Debt Instrument | ||
Outstanding | 84,151 | 0 |
Collateral Pledged | 102,164 | 0 |
Servicing Segment | Notes Payable to Banks | C ABS Advance Financing Facility (2012)
|
||
Debt Instrument | ||
Outstanding | 533,217 | 0 |
Collateral Pledged | 690,097 | 0 |
Servicing Segment | Notes Payable to Banks | R ABS Advance Financing Facility (2012)
|
||
Debt Instrument | ||
Outstanding | 312,092 | 0 |
Collateral Pledged | 371,422 | 0 |
Servicing Segment | Notes Payable to Banks | W ABS Advance Financing Facility (2012)
|
||
Debt Instrument | ||
Outstanding | 359,541 | 0 |
Collateral Pledged | 442,912 | 0 |
Servicing Segment | Notes Payable to Banks | Reverse Participations Financing Facility
|
||
Debt Instrument | ||
Outstanding | 0 | 0 |
Collateral Pledged | 0 | 0 |
Originations Segment | Notes Payable, Other | Warehouse Facility $150 Million
|
||
Debt Instrument | ||
Outstanding | 77,251 | 251,722 |
Collateral Pledged | 83,891 | 265,083 |
Originations Segment | Notes Payable, Other | ASAP Plus Facility
|
||
Debt Instrument | ||
Outstanding | 123,684 | 104,858 |
Collateral Pledged | 121,458 | 104,006 |
Originations Segment | Notes Payable to Banks | Warehouse Facility $375 Million
|
||
Debt Instrument | ||
Outstanding | 297,743 | 46,810 |
Collateral Pledged | 314,763 | 51,040 |
Originations Segment | Notes Payable to Banks | Warehouse Facility $250 Million (2011)
|
||
Debt Instrument | ||
Outstanding | 109,729 | 7,310 |
Collateral Pledged | 115,509 | 7,672 |
Originations Segment | Notes Payable to Banks | Warehouse Facility $100 Million (2009)
|
||
Debt Instrument | ||
Outstanding | 98,747 | 16,047 |
Collateral Pledged | $ 102,861 | $ 16,715 |
Business Segment Reporting
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Reporting | Business Segment Reporting Nationstar currently conducts business in two separate operating segments: Servicing and Originations. The Servicing segment provides loan servicing on Nationstar’s total servicing portfolio, including the collection of principal and interest payments and the assessment of ancillary fees related to the servicing of mortgage loans. The Originations segment involves the origination, packaging, and sale of agency mortgage loans into the secondary markets via whole loan sales or securitizations. Nationstar reports the activity not related to either operating segment in the Legacy Portfolio and Other column. The Legacy Portfolio and Other column includes primarily all subprime mortgage loans originated in the latter portion of 2006 and during 2007 or acquired from Nationstar’s predecessor and consolidated VIEs which were consolidated pursuant to consolidation guidance related to VIEs adopted on January 1, 2010. Nationstar’s segments are based upon Nationstar’s organizational structure which focuses primarily on the services offered. The accounting policies of each reportable segment are the same as those of Nationstar except for 1) expenses for consolidated back-office operations and general overhead-type expenses such as executive administration and accounting and 2) revenues generated on inter-segment services performed. Expenses are allocated to individual segments based on the estimated value of services performed, including total revenue contributions, personnel headcount, and the equity invested in each segment. Revenues generated or inter-segment services performed are valued based on similar services provided to external parties. To reconcile to Nationstar’s consolidated results, certain inter-segment revenues and expenses are eliminated in the “Elimination” column in the following tables. The following tables are a presentation of financial information by segment for the periods indicated (in thousands):
|
Variable Interest Entities and Securitizations - Cash Flows from Securitization Trust (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Variable Interest Entities and Securitizations [Abstract] | ||||
Servicing Fees Received | $ 7,939 | $ 7,621 | $ 15,832 | $ 15,359 |
Loan Repurchases | $ 0 | $ 0 | $ 0 | $ 0 |
Shareholders' Equity (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Information | The following table summarizes information about our restricted stock as of June 30, 2012 under the 2012 Plan (restricted stock in thousands):
|
Indebtedness - Unsecured Notes Maturity Schedule (Details) (Unsecured Senior Notes, USD $)
|
Jun. 30, 2012
|
---|---|
Unsecured Senior Notes
|
|
Expected maturities of long-term debt | |
2013 | $ 0 |
2014 | 0 |
2015 | 285,000,000 |
2016 | 0 |
2017 | 0 |
Thereafter | 275,000,000 |
Total | $ 560,000,000 |
Payables and Accrued Liabilities (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
|
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Payables and Accrued Liabilities | Payables and accrued liabilities consist of the following (in thousands):
|
Accounts Receivable (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Receivables [Abstract] | ||
Delinquent interest advances | $ 1,286,525 | $ 213,737 |
Corporate and escrow advances | 1,028,722 | 299,946 |
Insurance deposits | 1,750 | 1,750 |
Accrued interest | 3,449 | 1,512 |
Receivables from trusts | 16,920 | 4,664 |
Accrued servicing fees | 95,632 | 20,865 |
Other | 54,993 | 19,826 |
Total accounts receivable | $ 2,487,991 | $ 562,300 |
Variable Interest Entities and Securitizations
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Jun. 30, 2012
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Variable Interest Entities and Securitizations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities and Securitizations | Variable Interest Entities and Securitizations Nationstar has been the transferor in connection with a number of securitizations or asset-backed financing arrangements, from which Nationstar has continuing involvement with the underlying transferred financial assets. Nationstar aggregates these securitizations or asset-backed financing arrangements into two groups: 1) securitizations of residential mortgage loans and 2) transfers accounted for as secured borrowings. On securitizations of residential mortgage loans, Nationstar’s continuing involvement typically includes acting as servicer for the mortgage loans held by the trust and holding beneficial interests in the trust. Nationstar’s responsibilities as servicer include, among other things, collecting monthly payments, maintaining escrow accounts, providing periodic reports and managing insurance in exchange for a contractually specified servicing fee. The beneficial interests held consist of both subordinate and residual securities that were retained at the time of the securitization and any mortgage servicing rights subsequently retained in the securitization. Nationstar also maintains various agreements with special purpose entities (SPEs), under which Nationstar transfers mortgage loans and/or advances on residential mortgage loans in exchange for cash. These SPEs issue debt supported by collections on the transferred mortgage loans and/or advances. These transfers do not qualify for sale treatment because Nationstar continues to retain control over the transferred assets. As a result, Nationstar accounts for these transfers as financings and continues to carry the transferred assets and recognizes the related liabilities on Nationstar’s consolidated balance sheets. Collections on the mortgage loans and/or advances pledged to the SPEs are used to repay principal and interest and to pay the expenses of the entity. The holders of these beneficial interests issued by these SPEs do not have recourse to Nationstar and can only look to the assets of the SPEs themselves for satisfaction of the debt. A Variable Interest Entity (VIE) is an entity that has either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary, which is the entity that, through its variable interests has both the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Current accounting guidance requires that all existing SPEs be evaluated for consolidation. Nationstar identified certain securitization trusts where Nationstar, through its affiliates, continued to hold beneficial interests in these trusts. These retained beneficial interests obligate Nationstar to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant. In addition, Nationstar as master servicer on the related mortgage loans, retains the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE. When it is determined that Nationstar has both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE, the assets and liabilities of these VIEs are included in Nationstar’s consolidated financial statements. Upon consolidation of these VIEs, Nationstar derecognized all previously recognized beneficial interests obtained as part of the securitization, including any retained investment in debt securities, mortgage servicing rights, and any remaining residual interests. In addition, Nationstar recognized the securitized mortgage loans as mortgage loans held for investment, subject to ABS nonrecourse debt, and the related asset-backed certificates (ABS nonrecourse debt) acquired by third parties as ABS nonrecourse debt on Nationstar’s consolidated balance sheet. As a result of market conditions and deteriorating credit performance on these consolidated VIEs, Nationstar expects minimal to no future cash flows on the economic residual. Under existing GAAP, Nationstar would be required to provide for additional allowances for loan losses on the securitization collateral as credit performance deteriorated, with no offsetting reduction in the securitization’s debt balances, even though any nonperformance of the assets will ultimately pass through as a reduction of amounts owed to the debt holders once they are extinguished. Therefore, Nationstar would be required to record accounting losses beyond its economic exposure. To more accurately represent the future economic performance of the securitization collateral and related debt balances, Nationstar elected the fair value option provided for by Accounting Standards Codification (ASC) ASC 825-10, Financial Instruments-Overall. This option was applied to all eligible items within the VIE, including mortgage loans held for investment, subject to ABS nonrecourse debt, and the related ABS nonrecourse debt. Subsequent to this fair value election, Nationstar no longer records an allowance for loan loss on mortgage loans held for investment, subject to ABS nonrecourse debt. Nationstar continues to record interest income in Nationstar’s consolidated statement of operations on these fair value elected loans until they are placed on a nonaccrual status when they are 90 days or more past due. The fair value adjustment recorded for the mortgage loans held for investment is classified within fair value changes of ABS securitizations in Nationstar’s consolidated statement of operations. Subsequent to the fair value election for ABS nonrecourse debt, Nationstar continues to record interest expense in Nationstar’s consolidated statement of operations on the fair value elected ABS nonrecourse debt. The fair value adjustment recorded for the ABS nonrecourse debt is classified within fair value changes of ABS securitizations in Nationstar’s consolidated statement of operations. Under the existing pooling and servicing agreements of these securitization trusts, the principal and interest cash flows on the underlying securitized loans are used to service the asset-backed certificates. Accordingly, the timing of the principal payments on this nonrecourse debt is dependent on the payments received on the underlying mortgage loans and liquidation of real estate owned. Nationstar consolidates the SPEs created for the purpose of issuing debt supported by collections on loans and advances that have been transferred to it as VIEs, and Nationstar is the primary beneficiary of these VIEs. The Company consolidates the assets and liabilities of the VIEs onto its consolidated financial statements. In December 2011, Nationstar sold its remaining variable interest in a securitization trust that had been a consolidated VIE since January 1, 2010 and deconsolidated the VIE. In accordance with ASC 810 Nationstar has evaluated this securitization trust and determined that Nationstar no longer has both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE, and this securitization trust was derecognized as of December 31, 2011. Upon deconsolidation of this VIE, Nationstar derecognized the securitized mortgage loans held for investment, subject to ABS nonrecourse debt, the related ABS nonrecourse debt, as well as certain other assets and liabilities of the securitization trust, and recognized any MSRs on the consolidated balance sheet. The impact of this derecognition on the Company’s consolidated statement of operations was recognized in the fourth quarter of 2011 in the fair value changes in ABS securitizations line item. A summary of the assets and liabilities of Nationstar’s transactions with VIEs included in the Company’s consolidated financial statements as of June 30, 2012 and December 31, 2011 is presented in the following tables (in thousands):
A summary of the outstanding collateral and certificate balances for securitization trusts, including any retained beneficial interests and MSRs, that were not consolidated by Nationstar for the periods indicated are as follows (in thousands):
Nationstar has not retained any variable interests in the unconsolidated securitization trusts that were outstanding as of June 30, 2012 or December 31, 2011, and therefore does not have a significant maximum exposure to loss related to these unconsolidated VIEs. A summary of mortgage loans transferred to unconsolidated securitization trusts that are 60 days or more past due and the credit losses incurred in the unconsolidated securitization trusts are presented below (in thousands):
Certain cash flows received from securitization trusts accounted for as sales for the dates indicated were as follows (in thousands):
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