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NetBank Tests Market.(Brief article)
Atlanta -- NetBank hopes to sell its mortgage servicing platform along with most of its mortgage servicing rights on a $13 billion portfolio of home loans, a transaction that - if it comes to fruition - will provide a barometer of how well the servicing market has recovered from a multiyear refinancing boom that put the lid on bulk servicing deals.
NetBank said the proposed sale, which it estimates will take 90 to 120 days, will allow the company to redeploy capital to higher growth areas of business. NetBank estimates the sale will free up $20 million to $35 million of capital.
"When we committed to this lien of business as part of our overall income diversification strategy for the company, we set a goal of growing the servicing asset to at least the $25 billion mark," said Douglas Freeman, chairman and CEO, in an announcement.
"Based on our analysis, we needed to ...
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Source: HighBeam Research, NetBank Tests Market.(Brief article)