Irwin Sells Servicing to GTS
Washington-Irwin Financial, which recently posted heavy losses on mortgage and home-equity lending, has sold $900 million in second-lien servicing rights to Green Tree Servicing LLC, St. Paul, Minn., for an undisclosed sum.
Green Tree also will subservice between $600 million and $700 million of home mortgages for Indianapolis-based Irwin.
The sale in question was brokered by Milestone Merchant Advisors, Miami. The second liens had been securitized through Irwin Home Equity.