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Matrix Sells Assets of Servicing Advisory Unit.(Matrix Bancorp Inc.)(Brief article)
Denver -- Matrix Bancorp here has sold the assets of its servicing advisory group to Security National Holding Co., Eureka, Calif., and former employees of the unit for $4.1 million.
The advisory group, Matrix Bancorp Trading, evaluates and sells residential servicing portfolios. It also manages an active whole-loan trading desk.
Employees of MBT will be housed under a limited liability company called SN Capital Markets LLC. MBT employed 31 full-timers, all of whom will shift over to SNCM. (As a technical matter Matrix will still own the legal shell that is MBT.)
The new company will continue to do business with Matrix, said Jonas Roth, national sales director for SNCM. "We'll have an ongoing business relationship with them," said Mr. Roth.
In 2005, MBT conducted 425 evaluations on servicing portfolios for 120 different clients. It brokered $30 billion in servicing deals. Year-to-date, it ...
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