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Trustcorp Mortgage Sells $1 Billion from Its Servicing Portfolio.(Brief Article)
Trustcorp Mortgage Company, a subsidiary of 1st Source Corporation, has agreed to sell servicing rights on a $1 billion mortgage portfolio in a move that will generate about $6 million in net revenue for the company.
Christopher Murphy, chairman of 1st Source Corporation, said recent business cycles in mortgage banking have increased market demand, and prices being paid, for servicing.
"This has presented 1st Source with an opportunity to maximize the value of a portion of the servicing portfolio managed by Trustcorp Mortgage Company by selling it to investors who place a higher value on the servicing than Trustcorp believes it can earn by retaining it," he explained. "This transaction will enable 1st Source to reallocate resources and capital to insure growth and competitive returns from its investment in mortgage origination and servicing." ...
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Source: HighBeam Research, Trustcorp Mortgage Sells $1 Billion from Its Servicing...