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Old 06-05-2013, 12:57 PM
 
2,747 posts, read 3,320,049 times
Reputation: 3012

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Nationstar Mortgage could hire as many as 1,200 in Chandler - Phoenix Business Journal

https://www.nationstarmtg.com/Careers/

Hmmm- I am seeing more companies in the Phoenix area that are hiring large amounts of workers- looks like the Phoenix economy appears to be on the upswing. This mortage company is opening a call and loan processing center in Chandler and hiring for multiple positions.
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Old 06-05-2013, 01:05 PM
 
Location: Rural Michigan
6,341 posts, read 14,694,673 times
Reputation: 10550
Yech!.. possibly the worst mortgage servicer out there, now enhanced with a loan portfolio created by the worst of the worst in the industry.. the stuff that the megabanks no longer want their names on.

Take those jobs only if you're a masochist..
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Old 06-05-2013, 03:16 PM
 
Location: prescott az
6,957 posts, read 12,068,816 times
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Zippy: What's wrong with them?? Seriously, now I am worried. Just learned my B O A mortgage was taken over by Nationstar and so far, no problems. Hated BoA anyway. Maybe that's why they wanted to get rid of me? I called and emailed them at least 3 times a month. So, do I have to worry about Nationstar?????
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Old 06-05-2013, 08:45 PM
 
Location: Rural Michigan
6,341 posts, read 14,694,673 times
Reputation: 10550
Quote:
Originally Posted by PhxBarb View Post
Zippy: What's wrong with them?? Seriously, now I am worried. Just learned my B O A mortgage was taken over by Nationstar and so far, no problems. Hated BoA anyway. Maybe that's why they wanted to get rid of me? I called and emailed them at least 3 times a month. So, do I have to worry about Nationstar?????
They're buying junk portfolios, primarily leftovers from banks that went under during the crash. The latest/largest acquisition is a portfolio of countrywide (b of a) loans - much of what they're servicing are sub-subprime loans.. "suicide" loans where the patient hasn't died yet, but everyone knows the end is near. Their current default rate is about 13%, which is about ten times worse than one would expect from prime loans (especially ones that are several years old).

BofA doesnt want the bad press from foreclosing on these loans, so Nationstar swooped in & bought them at a discount, intending to foreclose on many & milk the servicing money on the rest. I.e., late payment fees, force-placed insurance, etc. Theres a lot of profit to be had on defaulted loans, but much of it is on the backs of those who are barely scraping by.. effectively, Nationstar is much like your local "payday loan" place.. profitable, but politically incorrect.

You're probably fine if there arent any problems with your account, but if there are problems, I wouldnt expect much help. You dont grow a business by a factor of ten in a year without sacrificing customer service. It really cant be done. And their customer service before this growth was miserable.

Nationstar Mortgage Rises On Servicing-Led Earnings, Greenlight Buy - Investors.com
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