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Merrill Buys 11th Largest B&C Servicer.
NEW YORK -- In a deal that will make it the second largest Wall Street servicer of subprime loans, Merrill Lynch & Co., has agreed to buy National City Home Loans Services and two affiliates for a $1.3 billion.
Based in Pittsburgh, NCHLS services $44.2 billion in residential mortgages. The largest Wall Street servicer is HSBC Mortgage Services, Charlotte, N.C., with $50.5 billion.
Two other Wall Street firms, believed to be Goldman Sachs and Deutsche Bank, had expressed intense interest in the subprime operations of National City Corp., investment banking sources told Mortgage Servicing News.
Besides NCHLS, Merrill is acquiring subprime funder First Franklin Financial Corp., San Jose, Calif., and NationsPoint, Lake Forest, Calif., a direct-to-consumer lender.
Merrill already has a presence in mortgage banking through a Minneapolis conduit and a Florida affiliate that caters to its wealthy clients. It also owns a specialty servicer, Wilshire Credit Corp., Beaverton, Ore.
The FFFC and NCHLS acquisitions, though, move it to the head of the class in subprime funding and servicing. (Most of FFFC's production is sourced through loan brokers via the wholesale channel.)
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Source: HighBeam Research, Merrill Buys 11th Largest B&C Servicer.