First Tennessee Bank said it has sold $14 billion in Fannie Mae/Freddie Mac residential servicing rights to an undisclosed third-party. No purchase price was disclosed. The sale was brokered by Milestone Advisors LLC of Miami. FTB is a subsidiary of the publicly traded First Horizon National Corp. of Memphis. In June of last year Metropolitan Life bought most of FHN's residential origination business, including 230 retail and wholesale offices scattered across the nationwide. The bank, though, continues to originate in its depository footprint and service loans.
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