Waterfield Portfolio Up for Grabs
Waterfield Mortgage Co. here has reached a tentative deal to sell its estimated $19 billion servicing portfolio to an undisclosed third party.
As Mortgage Servicing News went to press, details about the sale were unavailable. Waterfield officials could not be reached for comment about the portfolio or its size.
At the end of September Waterfield's servicing portfolio totaled $19.3 billion, according to survey information the company sent to MSN and its affiliate, the Quarterly Data Report.
The sale of the housing receivables is part of a plan by Union Federal Bank of Indianapolis to exit the residential niche.
In mid-January, the bank said it would sell most of its Waterfield Mortgage affiliate to American Home Mortgage, Melville, N.Y., for an undisclosed sum. (No purchase price was disclosed.)
Among residential lenders, Waterfield ranks 46th, but it is 33rd among servicers. A spokeswoman for AHM clarified that the publicly traded mortgage REIT is not acquiring Waterfield's servicing rights.
"They have other plans for that portfolio," said the spokeswoman. "We're not buying it."
AHM, though, will take control of Waterfield's 46 retail, wholesale and correspondent branches, which are spread out among 16 states.
(c) 2006 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com