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Irwin Unloads $19B of MSRs.(Irwin Mortgage)(Mortgage Servicing News)(Citigroup)(Brief article)
NEW YORK -- Citigroup has acquired a majority of Irwin Mortgage's $19 billion servicing portfolio, investment banking sources have told Mortgage Servicing News.
The sale was made public in early October but the parties involved declined to identify any of the buyers. Sources said three other firms bought minority pieces of the portfolio. Known bidders on these smaller pieces include ABN Amro Mortgage, Ann Arbor, Mich.; EverBank, Jacksonville, Fla.; and MidFirst Bank, Oklahoma City. These firms had not commented at press time.
Irwin's parent company sold the housing receivables for $261 million, but said that ultimately it will book an $11 million loss on the deal.
Irwin Mortgage of Fishers, Ind., is owned by Irwin Financial Corp., a Columbus, Ind.-based bank.
In September, IFC sold IMC's loan origination platform and headquarters to Freedom ...
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