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S.D. Bank Acquires Servicing Rights from Great Western.(HF Financial Corp.)(Brief article)
SIOUX FALLS, SD -- HF Financial Corp. here has agreed to buy the rights to service mortgages held by the South Dakota Housing Development Authority and Fannie Mae from Great Western Bank.
In addition, HF Financial, parent of Home Federal Bank, has agreed to sell four branches to Great Western. The sale of the four branches is expected to be completed by early November.
HF Financial said the purchase of the additional servicing business brings to more than $1.9 billion the value of its assets under management. Home Federal now will service more than 72% of the state housing authority's outstanding loans. The transfer was approved by the SDHDA in August.
"This has always been a rewarding source of business for us," said Curt Hage, HF Financial's chairman, CEO and president, in a news release. "Our mortgage servicing business has been a long-standing core competency, representing a reliable income stream for Home Federal. This acquisition ...
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Source: HighBeam Research, S.D. Bank Acquires Servicing Rights from Great Western.(HF Financial...