Sale of Irwin Mortgage Getting Closer?
The sale of Irwin Mortgage here, a top 40 ranked lender and servicer, could be announced soon according to industry sources. Late last month, details were still being worked out with a buyer, sources said.
Officials familiar with the sale would only confirm that a letter of intent has been signed and that auditors are currently reviewing the deal. At press time, Irwin's parent company, Irwin Financial Corp., Columbus, Ohio, had not responded to a reporter's telephone call.
Back in February, subprime giant New Century Financial Corp., Irvine, Calif., was rumored to be the leading bidder, but both parties refused comment. Both Irwin and New Century - one of the nation's largest subprime lenders - are publicly traded. Irwin Mortgage ranks 35th among residential funders, according to the Quarterly Data Report.
In January, IFC decided to exit the conventional market. Even though Irwin is selling its "A" paper mortgage affiliate, the company is keeping its home-equity division.
Among residential servicers, Irwin Mortgage ranks 31st nationwide with a receivables portfolio of $23.7 billion.
About 90% of Irwin's production is sourced through loan brokers or correspondents. The mortgage division has 47 offices in 26 states. (c) 2006 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com