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RBC Won't Keep Sterling's Servicing.(Brief Article)
The acquisition-hungry RBC Mortgage Co., Chicago, has acquired Sterling Capital Mortgage Co. here and its servicing platform - but not the company's receivables.
A spokesman for SCMC's bank parent told Mortgage Servicing News that Sterling's receivables are being sold in pieces to different investors.
"Some of the deals have closed, while others have not," the spokesman said.
Sources say that one of the buyers is HSBC Mortgage, Depew, N.Y., a top 20-ranked servicer. HSBC, meanwhile, declined to comment.
As this monthly newspaper went to press, the spokesman, however, could not provide a size on the SCMC portfolio.
What exactly RBC will do with the servicing platform is unclear.
In early October, RBC president Dave Matthews said all of his company's servicing is housed in RBC's bank affiliate in North Carolina. At midyear, RBC had about $9 billion in servicing rights.
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Source: HighBeam Research, RBC Won't Keep Sterling's Servicing.(Brief Article)