EverBank Winner Of Portfolio

EverBank, Jacksonville, Fla., has been picked as the winning bidder for a $10 billion package of residential servicing rights being offered by Flagstar Bancorp, according to investment banking sources familiar with the matter.

One source close to the transaction said EverBank's bid price was in the range of 75 basis points or about $75 million. (That figure, though, could not be confirmed.)

A spokesman for Troy, Mich.-based Flagstar said the company does not comment on rumors. Interactive Mortgage Advisors of Denver, which advised Flagstar on the sale, also would not comment. Neither would EverBank.

According to the Quarterly Data Report, prior to the deal, EverBank serviced roughly $46 billion in residential loans, ranking 22nd nationwide.

With the fate of the Flagstar deal seemingly decided, the largest servicing portfolio now available for purchase is a $20 billion package of receivables belonging to AmTrust Bank of Cleveland.

Milestone Merchant Partners, Miami, is selling the AmTrust portfolio on behalf of the Federal Deposit Insurance Corp.

The formal marketing process begins this month.

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