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Wells is Buyer In MSR Sales.(Brief Article)
Washington -- Ohio Savings Bank FSB, Cleveland, has sold a $5 billion bulk portfolio of servicing rights - reportedly to Wells Fargo Home Mortgage, Des Moines.
A few weeks earlier the bank-owned Wells bought a $9 billion package of servicing from General Electric. (Wells has been subservicing the receivables for GE. The rights belonged to the now-defunct GE Capital Mortgage, Cherry Hill, N.J.)
Ohio Savings CEO Jess Lederman confirmed the $5 billion sale, but declined to identify the buyer. "I can't say who but it's a major, major servicer," he said.
Wells officials declined to comment.
One investment banker noted that it appears Wells has re-entered the market for bulk servicing packages. "They haven't been much of a player of late except ...
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Source: HighBeam Research, Wells is Buyer In MSR Sales.(Brief Article)