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At Least $25 Billion in MSR Sales Under Way: Temple Inland.(Brief Article)
Temple Inland Corp. here will take a $13 million after-tax hit on its mortgage business in the third quarter as it prepares reserves related to key asset sales and layoffs.
Temple, the parent of Guaranty Residential Lending, also of Austin, is in the process of selling its 100-branch, non-bank mortgage network plus $8 billion in servicing rights.
Temple, a paper products company, said some 1,500 employees will be "affected" by the sale of the branches and the servicing. However, it would not comment on any layoffs.
A Temple spokesman said the company hopes employees working in the branches being sold will have an opportunity to retain their jobs under new owners.
The company expects to complete the servicing and branch sales by the end of the fourth quarter. Guaranty will remain in the mortgage business, concentrating its focus on where the bank has retail depository outlets. It also will keep its wholesale division.
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