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Colonial Buys Servicing Rights.(Colonial Savings Bank)(Brief article)
FORT WORTH, TX -- Colonial Savings has completed the purchase of servicing rights on 18,431 home loans with a principal balance of $1.7 billion from a Midwest bank, the company said last week.
Colonial said that the acquisition will increase its servicing portfolio by 15% to $12.7 billion. It increases the number of loans that Colonial services by 20%.
The loans are secured by homes in the Midwest.
"The mortgage loan servicing business has become much more competitive over the last few years, and economies of scale have taken on greater importance in our business," said James DuBose, president and CEO of Colonial Savings, in a news release. "We estimate that this acquisition will reduce our average ...
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MCLEAN, VA -- Freddie Mac said that 23 single...years. Each month, Freddie Mac ranks its servicers...Chevy Chase Bank FSB, Colonial Savings FA, Countrywide Home...recipients announced by Freddie Mac are Bank of Oklahoma...
