January 29, 2015 9:56 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 2014.

Aurora Loan Services, LLC Key Developments

United States District Court Judge Grants Motion for Summary Judgment in Favor of SecurityNational Mortgage Company against Aurora Bank and Aurora Loan Services

On May 6, 2014, Judge David Nuffer, the United States District Court Judge for the District of Utah, issued a decision and order granting the motion for summary judgment filed by SecurityNational Mortgage Company against Aurora Bank and Aurora Loan Services. By way of background, on April 15, 2005, SecurityNational Mortgage entered into a loan purchase agreement with Lehman Brothers Bank, FSB. Under the terms of the loan purchase agreement, Lehman Bank agreed to purchase mortgage loans from time to time from SecurityNational Mortgage. During 2007, Lehman Bank and its wholly owned subsidiary, Aurora Loan Services LLC, purchased a total of 1,490 mortgage loans in the aggregate amount of $352,774,000 from SecurityNational Mortgage. Lehman Bank asserted that certain of the mortgage loans that it purchased from SecurityNational Mortgage during 2007 contained alleged misrepresentations and early payment defaults. As a result of these alleged issues with the mortgage loans, Lehman Bank contended it had the right to require SecurityNational Mortgage to repurchase certain loans or be liable for losses related to such loans under the loan purchase agreement. SecurityNational Mortgage disagrees with these claims. On December 17, 2007, SecurityNational Mortgage entered into an Indemnification Agreement with Lehman Bank and Aurora Loan Services. Under the terms of the Indemnification Agreement, SecurityNational Mortgage agreed to indemnify Lehman Bank and Aurora Loan Services for 75% of all losses that Lehman Bank and Aurora Loan Services incurred relative to breaches by mortgagors pertaining to 55 mortgage loans that were purchased from SecurityNational Mortgage. SecurityNational Mortgage was released from any obligation to pay the remaining 25% of such losses. The Indemnification Agreement also required SecurityNational Mortgage to indemnify Lehman Bank and Aurora Loan Services for 100% of any future losses incurred on mortgage loans with breaches that were not among the 55 mortgage loans.

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