BOK Buys FDIC Servicing Package, Would Like More

BOK Financial has purchased $4.1 billion in residential servicing rights from the now defunct Charter Bank of Albuquerque and is open to purchasing even more receivables, said the bank's mortgage chief. No purchase price was disclosed. Ben Cowan, president of BOK Mortgage, Tulsa, noted that prior to the FDIC seizing control of Charter Bank a few weeks ago, his company already had a 'purchase and sale' agreement inked. "We had a deal in place and then the FDIC came in," said Mr. Cowan. Eventually, the FDIC, after reviewing the sale, let BOK proceed with the purchase. He noted that the portfolio consists of mostly Fannie Mae, Freddie Mac and GNMA servicing rights. "It's a great opportunity," he said. "It's very clean stuff." He said the company is open to buying additional pools of servicing rights. In this package it bought the receivables only and will not take title to Charter Bank's servicing platform. Beale Bank of Texas bought most of the Albuquerque bank's assets. The new rights portfolio boosts BOK Mortgage's total residential servicing balance to $11.5 billion, a gain of 46%. Mountain View Financial brokered the deal.