FLAGSTAR BANK, NATIONAL ASSOCIATION (FLG): M&A transaction — Flagstar completes $1.3B sale of mortgage servicing assets to Mr. Cooper subsidiary

FLAGSTAR BANK, NATIONAL ASSOCIATION

Closed sale of mortgage servicing rights, subservicing contracts and origination assets to Nationstar for ~$1.3B cash on Oct 31, 2024.
Estimated pre-tax gain on sale of ~$130M; expects additional pre-tax costs of ~$75M from asset impairment and severance.
Pro forma shows removal of ~$1.09B MSR, ~$374M loans, and $333M other liabilities; custodial deposits of ~$4B to transfer within 5 months.
Transaction reduces interest income and expenses; pro forma net loss for H1 2024 widens from $650M to $722M.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

FLAGSTAR BANK, NATIONAL ASSOCIATION completed a disposition involving Nationstar Mortgage LLC for approximately $1.3 billion in cash (closed 2024-10-31).

Action: disposition
Counterparty: Nationstar Mortgage LLC
Consideration: approximately $1.3 billion in cash
Closing: 2024-10-31

Exact text from the filing

On October 31, 2024, Flagstar Bank, National Association (“Flagstar”), the wholly owned subsidiary of Flagstar Financial, Inc. (f/k/a New York Community Bancorp, Inc.) (the “Company”), completed its previously announced sale of certain assets, including mortgage servicing rights, subservicing contracts, and third-party origination assets (the “Transaction”), to Nationstar Mortgage LLC, a Delaware limited liability company and operating subsidiary of Mr. Cooper Group Inc. (“Nationstar”), for an aggregate purchase price of approximately $1.3 billion in cash.

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31 m&a transactions filed in the last 30 days. Browse all m&a transactions →

FLAGSTAR BANK, NATIONAL ASSOCIATION filing history →

Source: SEC EDGAR

accession 0000910073-24-000184

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