February 23, 2017 8:23 AM ET

Thrifts and Mortgage Finance

Company Overview of Aurora Loan Services, LLC

Company Overview

Aurora Loan Services, LLC originates and services prime and subprime residential mortgage loans through wholesale and correspondent channels. The company also buys mortgages originated by other mortgage bankers, banks, and credit unions. The company was founded in 1997 and is headquartered in Littleton, Colorado. Aurora Loan Services, LLC operated as a subsidiary of Aurora Bank FSB.

10350 Park Meadows Drive

Littleton, CO 80124

United States

Founded in 1997

Phone:

720-945-3000

Fax:

720-945-3084

Key Executives for Aurora Loan Services, LLC

Senior Vice President
Executive Vice President
Chief Appraiser and Senior Vice President
Vice President
Vice President of Fraud Detection & Special Investigations
Compensation as of Fiscal Year 2016.

Aurora Loan Services, LLC Key Developments

Federal Judge Orders Entry of Judgment in Favor of Securitynational Mortgage Company against Lehman Brothers Bank and Aurora Loan Services

On November 29, 2016, Judge David Nuffer of the United States District Court for the District of Utah entered a judgment in favor of SecurityNational Mortgage Company jointly and severally against Lehman Brothers Bank, FSB ("Lehman Bank") and Aurora Loan Services LLC ("Aurora Loan Services"). The amount of the judgment is $3,892,974 principal, plus interest in the principal amount of 9% per annum, which through May 31, 2014, is $1,674,240; plus interest for each day after May 31, 2014, until judgment at the rate of $960 per diem; and post-judgment interest on the total amount of principal and interest at the rate specified in 28 U.S.C. 1961. By way of background, on May 11, 2011, SecurityNational Mortgage filed a complaint against Lehman Bank and Aurora Loan Services in the United States District Court for the District of Utah, which was assigned to Judge Nuffer. The allegations in the complaint include breach of the indemnification agreement among SecurityNational Mortgage, Lehman Bank and Aurora Loan Services. SecurityNational Mortgage claimed it was entitled to a judgment of approximately $4,000,000 against Lehman Bank, as well as Aurora Loan Services to the extent of its involvement, for payments which should not have been taken from a certain reserve account. On December 24, 2014, Judge Nuffer issued an amended order granting SecurityNational Mortgage's motion for summary judgment against Lehman Bank and Aurora Loan Services for $3,892,974, plus prejudgment interest at 9% per annum. The total amount of prejudgment interest awarded was $1,674,240 through May 31, 2014, with a per diem of $960 for each day after May 31, 2014 until final judgment. The court also indicated that further replenishment of the reserve account under the Indemnification Agreement appeared to be barred by a waiver, but that this issue had not been briefed. Additionally, the court stated that the offset that Lehman Bank and Aurora Loan Services pled as an affirmative defense had not yet been adjudicated by the court. SecurityNational Mortgage asserted that Lehman Bank and Aurora Loan Services had no rights to a replenishment of the Indemnification Agreement reserve account, or for any offset. On March 30, 2015, SecurityNational Mortgage filed a response in opposition to the partial summary judgment motion of Lehman Bank and Aurora Loan Services concerning the reserve account replenishment and offset; SecurityNational Mortgage also filed its own partial summary judgment motion on the same issues. On October 24, 2016, Judge Nuffer issued a memorandum decision and order denying Lehman Bank's and Aurora Loan Service's motion for partial summary judgment on the affirmative defense of offset, and replenishment against the prior order in favor of SecurityNational Mortgage that Judge Nuffer issued on December 24, 2014, and granting SecurityNational Mortgage's motion for partial summary judgment in opposition to Lehman Bank's and Aurora Loan Service's motion for offset and replenishment.

Similar Private Companies By Industry

Company Name Region
120dB Films, Inc. United States
1st 2nd Mortgage Co.of N.J., Inc. United States
1st Integrity Mortgage, Inc. United States
1st Palm Financial Services, LLC United States
1st Point Lending, LLC United States

Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

The information and data displayed in this profile are created and managed by S&P Global Market Intelligence, a division of S&P Global. Bloomberg.com does not create or control the content. For inquiries, please contact S&P Global Market Intelligence directly by clicking here.

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
NYC2012, Inc. United States
Bertelsmann AG Europe
Rush University United States
The Advertising Council, Inc. United States

Sponsored Financial Commentaries

Sponsored Links

Request Profile Update

Only a company representative may request an update for the company profile. Documentation will be required.

To contact Aurora Loan Services, LLC, please visit --. Company data is provided by S&P Global Market Intelligence. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.