First South Bank in Washington, N.C., has purchased a mortgage servicing rights portfolio of 452 Freddie Mac and Fannie Mae loans.
The portfolio carries an unpaid principal balance of $84.6 million. Altogether, First South services $377 million in loans for others.
The bank sought out to service these loans due to their geography: all of the loans are located in North Carolina, and many are in the bank's existing retail footprint.
"Adding this servicing portfolio to our existing book of business allows us to increase our level of noninterest income while improving our operating efficiency as we leverage the bank's resources," First South President and Chief Executive Bruce Elder said in a news release Monday.
