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Fremont Sells Its Texas Servicing Facility.(Fremont General Corp.)(Brief article)
Santa Monica, CA -- Fremont General Corp., which does business as Fremont Investment & Loan, said that it has agreed to sell the fixed assets and assign its lease obligation for an Irving, Texas, loan servicing facility to an unnamed buyer.
Fremont did not sell any mortgage servicing rights along with the facility and will continue to service loans through its primary loan servicing center in Ontario, Calif.
Fremont says it anticipates annual cost savings of about $12 million as a result of the transaction.
Fremont said the transaction was expected to close in the first quarter of this year.
"The transaction related to the Irving, Texas, loan servicing facility represents a component of the company's strategic plan to reduce overhead expenses, in this case by eliminating operational inefficiencies inherent in operating two loan servicing centers," said Stephen ...
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Source: HighBeam Research, Fremont Sells Its Texas Servicing Facility.(Fremont General...