Revenue for Nationstar’s Xome — a platform that features a property search site, real estate agent referral network and title, closing, valuation and asset management services — declined to $65 million in the third quarter of 2017, according to the company’s Q3 2017 financial results.
Xome’s revenues have been languishing for some time, from $101 million in Q1 2016, to $85 million in Q1 2017 and $76 million in 2017’s second quarter.
In the second quarter, Xome sold over 3,000 properties. That number decreased to 2,772 in Q3. Third-party inventory that populates Xome’s platform increased 41 percent quarter-over-quarter. Xome also added nine new title clients “consisting of various top financial institutions, which will contribute to future earnings,” the company noted.
It anticipates its real estate agent referral program will generate approximately 800 closings in 2017.
In June 2015, Nationstar Mortgage Holdings launched Xome to much fanfare, hailing it as “world’s first integrated, end-to-end digital platform for real estate, with the promise of connecting every major touch point in the transaction process, from finding a home to closing the deal.”
In June, several sources told Inman that Nationstar was reportedly shopping the platform around to prospective buyers. In its Q1 2017 earnings call, the company discussed “evaluating” interest in the company.
Overall Nationstar operated at net income of $7 million in third quarter, up from a $20 million loss in Q2.
Nationstar rebranded its mortgage and origination services arm to “Mr. Cooper” in August.