Attached files

file filename
8-K - FORM 8-K - Nationstar Mortgage Holdings Inc.d435892d8k.htm

Exhibit 99.1

 

LOGO

FOR IMMEDIATE RELEASE

Contact: Marshall Murphy

(469) 549-3005

NATIONSTAR MORTGAGE ANNOUNCES THIRD QUARTER 2012 FINANCIAL RESULTS

 

  Delivered record net income of $55.1 million, or $0.61 per share

 

  Pro-forma EPS of $0.64, excluding transaction-related expenses

 

  Servicing portfolio UPB of $198 billion; pipeline at $600 billion

 

  $30 billion bulk servicing expected to close in Q4; $10 billion in flow agreements executed

 

  Second consecutive quarter of record originations volume and application pipeline

 

  Strategic initiative to expand ancillary services business

Lewisville, TX (November 6, 2012) – Nationstar Mortgage Holdings Inc. (NYSE:NSM) (“Nationstar”), a leading residential mortgage loan servicer, today reported that net income grew by 52% to $55.1 million, or $0.61 per share, for the third quarter 2012 compared to $36.3 million, or $0.41 per share, in the second quarter 2012 and a loss of $3.1 million in the third quarter of 2011.

Pro-forma Q3 ‘12 EPS of $0.64 was up in comparison to the prior quarter’s pro-forma results of $0.44, after normalizing Q3 ‘12 for $3.9 million of ResCap and other transaction-related expenses. Q2 ‘12 pro-forma earnings excluded $4.1 million of Aurora ramp-up expenses. Further details on pro-forma EPS are included in a table later in this release.

On a Non-GAAP basis, adjusted EBITDA (“AEBITDA”) for operating segments grew 22% to $123.0 million, or $1.37 per share, for the quarter versus $101.2 million, or $1.13 per share, in the second quarter 2012. Pro-forma Q3 ‘12 AEBITDA per share for operating segments of $1.41 was up 19% over the prior quarter pro-forma AEBITDA per share of $1.18, after normalizing for Q3 ‘12 for ResCap and other transaction-related expenses. Pro-forma Q2 ‘12 AEBITDA excluded $4.1 million of Aurora ramp-up expenses. Further details of AEBITDA are included in a table later in this release.

Nationstar’s revenue grew 39% to $277.2 million for the quarter from $200.0 million in the prior quarter and was up 205% from $90.9 million in the third quarter of 2011. Pre-tax income from operating segments for the quarter increased by 47% to $82.7 million, or $0.92 per share, up from $56.4 million, or $0.63 per share, in the second quarter of 2012 and was up 1738% from $4.5 million in the third quarter of 2011.

Nationstar’s servicing portfolio, as measured by unpaid principal balance (“UPB”), increased by 3% to $198 billion compared to the prior quarter. UPB was up more than 92% over the third quarter 2011 balance of $103 billion.

“We generated record net income in the quarter, and we remain focused on three major strategic goals,” said Jay Bray, Chief Executive Officer of Nationstar. “First, we are committed to executing on our servicing acquisition pipeline of $600 plus billion, and we are pleased to announce that we expect $30 billion of acquisitions to close in the fourth quarter. We also executed flow agreements representing $10 billion in annual UPB, and we are targeting $25 to $50 billion of annual flow. Second, we see a significant opportunity to organically grow servicing by continued focus on recapture and expansion of our builder, wholesale, and other origination channels. Finally, we are implementing a strategic initiative to generate additional shareholder value by expanding our ancillary offering of end-to-end solutions for originations and default services.”


Chief Financial Officer David Hisey said, “Our strong financial results reflect our focus on profitably growing the business as we capitalize on the many growth opportunities in front of us. We increased our operating and profit margins in both our servicing and origination segments in the third quarter. During the quarter, we were able to raise additional capital at a lower cost, which will enable us to pursue additional accretive opportunities.”

Business Segments

Servicing

Mortgage servicing fee income, before fair value adjustments, increased 40% to $153.0 million in third quarter 2012 compared to $109.2 million in the prior quarter. Total mortgage servicing fee income of $135.4 million was up 58% quarter-over-quarter primarily due to generating a full quarter of revenues related to the Aurora platform. In the current quarter, the servicing segment pre-tax income was $5.5 million, versus a loss of $4.7 million in the prior quarter and a loss of $3.1 million in the year-ago quarter.

The servicing segment net income included a $22.4 million decrease in the fair value of mortgage servicing rights, $4.1 million of interest expense resulting from the July and September bond issuances that were not deployed during the quarter, and $3.9 million of deal expenses associated with ResCap and other transactions.

The fair value of mortgage servicing rights decreased in the current quarter by $22.4 million, or $0.25 per share pre-tax, versus a decrease in value of $20.9 million, or $0.23 per share pre-tax, in the prior quarter. The $22.4 million decrease in fair value in the current quarter is primarily due to portfolio run-off.

Segment AEBITDA increased by 13% in the current quarter to $42.1 million compared to $37.4 million in the second quarter 2012 and was up 69% from $24.9 million in the third quarter of 2011. AEBITDA was higher than both periods due to higher average servicing portfolio balances.

Nationstar’s average portfolio UPB for the period was $159 billion which was an increase over the prior quarter average of $115 billion. In July, Nationstar completed the integration of the $63 billion Aurora servicing portfolio. The Aurora portfolio presents the opportunity for Nationstar to increase capacity, improve loan performance and drive originations volume through recapture, further enhancing its economic value.

In July, Nationstar completed the boarding of a $10 billion GSE forward portfolio. In September, Nationstar closed on a $6 billion GSE forward portfolio.

Nationstar’s 60 plus day delinquency rate increased to 15.1% of UPB, up from 11.7% in the second quarter. This increase is related to the boarding of the Aurora and Bank of America portfolios which each had a higher delinquency percentage than the remainder of the servicing. Excluding the Aurora and Bank of America portfolios, the 60-day delinquency rate was unchanged from the second quarter at 11.7%.

Origination

Origination revenue was up 25% compared to the previous quarter, and 304% year-over-year, to $135.2 million for the quarter. This was predominately due to record origination volume—up 1% over the previous quarter to $1.82 billion – and wide spreads between the primary and secondary markets. The total application pipeline grew to a record level of $5.5 billion at the end of the quarter, and locked applications ended the quarter at $4.4 billion. The origination business allows Nationstar to profitably create servicing assets and extend the life of servicing cash flows. The origination business also helps customers by providing refinance opportunities, while providing loan investors with loss mitigation tools.

As a result of the favorable origination environment, pre-tax operating income for the segment was a record $77.1 million, versus $61.1 million in the prior quarter and $7.6 million in the year-ago quarter. Segment AEBITDA was up 27% over the previous quarter and nearly 899% year-over-year to a record level of $80.9 million. Expenses were higher in the quarter due to increased staffing and origination expenses related to the higher volume of loan originations.

 

2


Adjusted EBITDA (“AEBITDA”)

This disclaimer applies to every usage of “Adjusted EBITDA” or “AEBITDA” in this presentation. Adjusted EBITDA is a key performance metric used by management in evaluating the performance of our segments. Adjusted EBITDA represents our Operating Segments’ income (loss), and excludes income and expenses that relate to the financing of our senior notes, depreciable (or amortizable) asset base of the business, income taxes, exit costs from our restructuring and certain non-cash items. Adjusted EBITDA also excludes results from our legacy asset portfolio and certain securitization trusts that were consolidated upon adoption of the accounting guidance eliminating the concept of a qualifying special purpose entity (“QSPE”).

Pro-forma Earnings per Share (“Pro-forma EPS”)

This disclaimer applies to every usage of pro-forma EPS in this presentation. Pro-forma EPS is a metric that is used by management to exclude certain non-recurring items in an attempt to provide a better earnings per share comparison to prior periods. Pro-forma Q3 ‘12 EPS excludes certain expenses related to ResCap and other transactions. These expenses include the advance hiring of servicing staff, recruiting expenses and travel and licensing expenses. Pro-forma Q2 ‘12 EPS excluded certain expenses incurred in advance of the closing of the Aurora transaction.

Pro-forma AEBITDA per Share

This disclaimer applies to every usage of pro-forma AEBITDA per share in this presentation. Pro-forma AEBITDA per share is a metric that is used by management to exclude certain non-recurring items in an attempt to provide a better AEBITDA per share comparison to prior periods. Pro-forma Q3 ‘12 AEBITDA per share excludes certain expenses related to ResCap and other transactions. These expenses include the advance hiring of servicing staff, recruiting expenses and travel and licensing expenses. Pro-forma Q2 ‘12 AEBITDA per share excluded certain expenses incurred in advance of the Aurora transaction.

Conference Call Webcast and Investor Presentation

Chief Executive Officer, Jay Bray, and Chief Financial Officer, David Hisey, will host a conference call for investors and analysts to discuss Nationstar’s third quarter results and other general business matters at 10:00 a.m. (ET) on Tuesday, November 6, 2012. To listen to the event live or in an archive which will be available for 14 days, visit Nationstar’s website at http://investors.nationstarholdings.com. The conference call will also be accessible by dialing 866-788-0545, or 857-350-1683 internationally. Please use the participant passcode 83308800 to access the live conference call. An investor presentation will also be available at http://investors.nationstarholdings.com.

 

3


NATIONSTAR MORTGAGE HOLDINGS INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(dollars and shares in thousands, except per share data)

 

     Three months ended  
     September 30, 2012     June 30, 2012     September 30, 2011  

Revenues

      

Servicing fee income

   $ 135,504      $ 86,092      $ 53,031   

Other fee income

     2,396        11,610        7,660   
  

 

 

   

 

 

   

 

 

 

Total fee income

     137,900        97,702        60,691   

Gain on mortgage loans held for sale

     139,259        102,345        30,232   
  

 

 

   

 

 

   

 

 

 

Total revenues

     277,159        200,047        90,923   

Total expenses and impairments

     154,828        130,372        83,194   

Other income (expense)

      

Interest income

     23,542        15,650        16,201   

Interest expense

     (65,015     (35,913     (26,376

Loss on interest rate swaps and caps

     (1,077     (357     —     

Fair value changes in ABS securitizations

     —          —          (654
  

 

 

   

 

 

   

 

 

 

Total other income (expense)

     (42,550     (20,620     (10,829

Income before taxes

     79,781        49,055        (3,100

Income tax expense

     24,714        12,780        —     
  

 

 

   

 

 

   

 

 

 

Net income

     55,067        36,275        (3,100

Other comprehensive income, net of tax

      
  

 

 

   

 

 

   

Change in value of designated cash flow hedges

     —          (423     —     

Reclassification adjustments for gain (loss)

     423        —          —     
  

 

 

   

 

 

   

 

 

 

Comprehensive income

   $ 55,490      $ 35,852      $ (3,100
  

 

 

   

 

 

   

 

 

 

Earnings per share:

      

Basic earnings per share

   $ 0.62      $ 0.41      $ (0.04
  

 

 

   

 

 

   

 

 

 

Diluted earnings per share

   $ 0.61      $ 0.41      $ (0.04
  

 

 

   

 

 

   

 

 

 

Weighted average shares:

      

Basic

     89,168        88,500        70,000   

Dilutive effect of stock awards

     597        1,028        —     
  

 

 

   

 

 

   

 

 

 

Diluted

     89,765        89,528        70,000   
  

 

 

   

 

 

   

 

 

 

Dividends declared per share

   $ —        $ —        $ —     
  

 

 

   

 

 

   

 

 

 

 

4


NATIONSTAR MORTGAGE HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

 

     September 30,      June 30,      September 30,  
     2012      2012      2011  
     (unaudited)      (unaudited)      (unaudited)  

Assets

        

Cash and cash equivalents

   $ 430,815       $ 15,892       $ 24,005   

Restricted cash

     258,858         119,512         72,813   

Accounts receivable

     2,852,985         2,487,991         471,474   

Mortgage loans held for sale

     703,214         837,906         377,932   

Mortgage loans held for investment, subject to nonrecourse debt—Legacy Assets

     238,178         238,173         246,159   

Mortgage loans held for investment, subject to ABS nonrecourse debt

     —           —           477,748   

Reverse mortgage interests

     452,886         310,074         —     

Receivables from affiliates

     13,301         13,083         6,082   

Mortgage servicing rights—fair value

     592,692         596,462         246,916   

Mortgage servicing rights—amortized cost

     8,036         8,357         —     

Property and equipment, net

     48,714         39,090         20,990   

Real estate owned (REO), net

     3,193         3,429         15,411   

Other assets

     338,359         226,261         44,795   
  

 

 

    

 

 

    

 

 

 

Total assets

   $ 5,941,231       $ 4,896,230       $ 2,004,325   
  

 

 

    

 

 

    

 

 

 

Liabilities and equity

        

Notes payable

   $ 2,532,316       $ 2,412,364       $ 738,783   

Unsecured senior notes

     1,062,423         555,938         245,109   

Payables and accrued liabilities

     762,268         639,839         177,452   

Derivative financial instruments

     37,835         18,911         15,778   

Derivative financial instruments, subject to ABS nonrecourse debt

     —           —           11,889   

Mortgage servicing liabilities

     82,313         81,979         —     

Nonrecourse debt—Legacy Assets

     101,898         106,271         116,200   

ABS nonrecourse debt (at fair value)

     —           —           434,326   

Excess spread financing (at fair value)

     255,484         266,693         —     

Participating interest financing

     415,448         181,114         —     
  

 

 

    

 

 

    

 

 

 

Total liabilities

     5,249,985         4,263,109         1,739,537   
  

 

 

    

 

 

    

 

 

 

Total equity

     691,246         633,121         264,788   
  

 

 

    

 

 

    

 

 

 

Total liabilities and equity

   $ 5,941,231       $ 4,896,230       $ 2,004,325   
  

 

 

    

 

 

    

 

 

 

 

5


SERVICING FEE INCOME DETAIL

(dollars in thousands)

 

     Three months ended  
     September 30,
2012
    June 30,
2012
    September 30,
2011
 
     (unaudited)     (unaudited)     (unaudited)  

Total servicing fee income before MSR fair value adjustments

   $ 152,963      $ 109,222      $ 73,255   

Fair value adjustments on excess spread financing

     2,213        (2,412     —     

Reverse mortgage servicing amortization/accretion

     2,652        (9     —     

MSR changes in fair value

     (22,430     (20,875     (19,035
  

 

 

   

 

 

   

 

 

 

Servicing fee income

     135,398        85,926      $ 54,220   
  

 

 

   

 

 

   

 

 

 

Other fee income

     6,457        5,969      $ 3,772   
  

 

 

   

 

 

   

 

 

 

Total servicing fee income

   $ 141,855      $ 91,895      $ 57,992   
  

 

 

   

 

 

   

 

 

 

PRO-FORMA EARNINGS PER SHARE RECONCILIATION

(dollars in thousands)

 

     Three months ended  
     September 30, 2012     June 30, 2012  
     (unaudited)     (unaudited)  

Net Income

   $ 55,067      $ 36,275   

Income taxes

     24,714        12,780   
  

 

 

   

 

 

 

Income before taxes

     79,781        49,055   

ResCap and other transaction related expenses

     3,888        4,136   
  

 

 

   

 

 

 

Pro-forma pre-tax income

     83,669        53,191   

Income taxes

     (25,918     (13,856
  

 

 

   

 

 

 

Pro-forma Income

   $ 57,751      $ 39,335   
  

 

 

   

 

 

 

Average shares outstanding

     89,765        89,528   
  

 

 

   

 

 

 

Pro-forma EPS

   $ 0.64      $ 0.44   
  

 

 

   

 

 

 

PRO-FORMA OPERATING AEBITDA PER SHARE RECONCILIATION

(dollars in thousands)

 

     Three months ended  
     September 30, 2012      June 30, 2012  
     (unaudited)      (unaudited)  

AEBITDA

   $ 123,035       $ 101,201   

ResCap and other transaction related expenses

     3,888         4,136   
  

 

 

    

 

 

 

Pro-forma AEBITDA

   $ 126,923       $ 105,377   
  

 

 

    

 

 

 

Average shares outstanding

     89,765         89,528   
  

 

 

    

 

 

 

Pro-forma AEBITDA per share

   $ 1.41       $ 1.18   
  

 

 

    

 

 

 

 

6


AEBITDA RECONCILIATION

(dollars in thousands)

 

     Three months ended  
     September 30,
2012
    June 30,
2012
    September 30,
2011
 

Net Income/(Loss) from Operating Segments to Adjusted EBITDA Reconciliation

      

Net income

   $ 55,067      $ 36,275      $ (3,100

Plus:

      

Net (income)/loss from Legacy Portfolio and Other

     2,874        7,373        7,607   

Income tax expense

     24,714        12,780        —     
  

 

 

   

 

 

   

 

 

 

Net income/(loss) from Operating Segments

     82,655        56,428        4,507   

Adjust for:

      

Interest expense from unsecured senior notes

     17,656        13,516        7,543   

Depreciation and amortization

     2,772        1,758        852   

Change in fair value of mortgage servicing rights

     22,430        20,875        19,035   

Amortization/accretion of reverse mortgage servicing

     (2,652     9        —     

Restructuring charges

     —          —          —     

Share-based compensation

     2,623        6,353        1,676   

Fair value changes on excess spread financing

     (2,213     2,412        —     

Fair value changes in derivatives

     (236     (150     —     

Ineffective portion of cash flow hedge

     —          —          (617
  

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 123,035      $ 101,201      $ 32,996   
  

 

 

   

 

 

   

 

 

 

Adjusted EBITDA per share

   $ 1.37      $ 1.13      $ 0.47   
  

 

 

   

 

 

   

 

 

 

Earnings per share

   $ 0.61      $ 0.41      $ (0.04
  

 

 

   

 

 

   

 

 

 

SEGMENT AEBITDA RECONCILIATION

(dollars in thousands)

FOR QUARTER ENDED SEPTEMBER 30, 2012

 

     Servicing     Origination     Operating     Legacy     Total  

Adjusted EBITDA to Net Income/(Loss) Reconciliation

          

Adjusted EBITDA

   $ 42,121      $ 80,914      $ 123,035      $ (1,347   $ 121,688   

Interest expense on corporate notes

     (15,707     (1,949     (17,656     —          (17,656

MSR valuation adjustment

     (22,430     —          (22,430     —          (22,430

Excess spread adjustment

     2,213        —          2,213        —          2,213   

Amortization of mortgage servicing obligations

     2,652        —          2,652        —          2,652   

Depreciation & amortization

     (2,006     (766     (2,772     (201     (2,973

Stock-based compensation

     (1,570     (1,053     (2,623     (13     (2,636

Fair value adjustment for derivatives

     236        —          236        (1,313     (1,077
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Pre-Tax Income/Loss

     5,509        77,146        82,655        (2,874     79,781   

Income Tax

             (24,714
          

 

 

 

Net Income/Loss

           $ 55,067   
          

 

 

 

Average shares outstanding

     89,765        89,765        89,765        89,765        89,765   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share

           $ 0.61   
          

 

 

 

Pre-Tax Income per share

   $ 0.06      $ 0.86      $ 0.92      $ (0.03   $ 0.89   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

AEBITDA per share

   $ 0.47      $ 0.90      $ 1.37      $ (0.02   $ 1.36   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

7


FOR QUARTER ENDED June 30, 2012   
     Servicing     Origination     Operating     Legacy     Total  

Adjusted EBITDA to Net Income/(Loss) Reconciliation

          

Adjusted EBITDA

   $ 37,378      $ 63,823      $ 101,201      $ (7,488   $ 93,713   

Interest expense on corporate notes

     (13,516     —          (13,516     —          (13,516

MSR valuation adjustment

     (20,875     —          (20,875     —          (20,875

Excess spread adjustment

     (2,412     —          (2,412     —          (2,412

Amortization of mortgage servicing obligations

     (9     —          (9     —          (9

Depreciation & amortization

     (1,238     (520     (1,758     (96     (1,854

Stock-based compensation

     (4,147     (2,206     (6,353     718        (5,635

Fair value adjustment for derivatives

     150        —          150        (507     (357
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Pre-Tax Income/Loss

     (4,669     61,097        56,428        (7,373     49,055   

Income Tax

             (12,780
          

 

 

 

Net Income

           $ 36,275   
          

 

 

 

Average shares outstanding

     89,528        89,528        89,528        89,528        89,528   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share

           $ 0.41   
          

 

 

 

Pre-Tax Income per share

   $ (0.05   $ 0.68      $ 0.63      $ (0.08   $ 0.55   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

AEBITDA per share

   $ 0.42      $ 0.71      $ 1.13      $ (0.08   $ 1.05   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
FOR QUARTER ENDED SEPTEMBER 30, 2011           
     Servicing     Origination     Operating     Legacy     Total  

Adjusted EBITDA to Net Income/(Loss) Reconciliation

          

Adjusted EBITDA

   $ 24,858      $ 8,138      $ 32,996      $ (7,468   $ 25,528   

Interest expense on corporate notes

     (7,543     —          (7,543     —          (7,543

MSR valuation adjustment

     (19,035     —          (19,035     —          (19,035

Excess spread adjustment

     —          —          —          —          —     

Amortization of mortgage servicing obligations

     —          —          —          —          —     

Depreciation & amortization

     (525     (327     (852     (139     (991

Stock-based compensation

     (1,508     (168     (1,676     —          (1,676

Fair value adjustment for derivatives

     617        —          617        —          617   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Pre-Tax Income/Loss

     (3,136     7,643        4,507        (7,607     (3,100

Income Tax

             —     
          

 

 

 

Net Income/Loss

           $ (3,100
          

 

 

 

Average shares outstanding

     70,000        70,000        70,000        70,000        70,000   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share

           $ (0.04
          

 

 

 

Pre-Tax Income per share

   $ (0.04   $ 0.11      $ 0.06      $ (0.11   $ (0.04
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

AEBITDA per share

   $ 0.36      $ 0.12      $ 0.47      $ (0.11   $ 0.36   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

8


About Nationstar Mortgage Holdings Inc.

Based in Lewisville, Texas, Nationstar currently services over one million residential mortgages totaling $198 billion in unpaid principal balance. In addition, Nationstar operates an integrated loan origination platform, enabling Nationstar to mitigate servicing portfolio run-off and improve credit performance for loan investors. Nationstar currently employs over 4,100 people, entirely based in the United States.

Forward Looking Statements

Any statements in this release that are not historical or current facts are forward-looking statements. Forward-looking statements include, without limitation, statements concerning plans, objectives, goals, projections, strategies, future events or performance, and underlying assumptions and other statements, which are not statements of historical facts. Forward-looking statements convey Nationstar’s current expectations or forecasts of future events. When used in this release, the words “anticipate,” “appears,” “believe,” “foresee,” “intend,” “should,” “expect,” “estimate,” “target,” “project,” “plan,” “may,” “could,” “will,” “are likely” and similar expressions are intended to identify forward-looking statements. These statements involve predictions of our future financial condition, performance, plans and strategies, and are thus dependent on a number of factors including, without limitation, assumptions and data that may be imprecise or incorrect. Specific factors that may impact performance or other predictions of future actions have, in many but not all cases, been identified in connection with specific forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Nationstar’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the “Risk Factors” section of Nationstar Mortgage LLC’s Form 10-K for the year ended December 31, 2011, Nationstar’s Form 10-Q for the quarter ended June 30, 2012, and other reports filed with the SEC, which are available at the SEC’s website at http://www.sec.gov. We caution you not to place undue reliance on these forward-looking statements that speak only as of the date they were made. Unless required by law, Nationstar undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date of this release.

# # #

 

9