Fremont General Corp., Brea, Calif., has announced an agreement under which its bank subsidiary will sell the remaining mortgage servicing rights on its $12.2 billion servicing portfolio to Litton Loan Servicing LP. The terms of the transaction were not disclosed. Under the agreement, Litton will pay Fremont Investment & Loan (the bank subsidiary) for the MSRs and reimburse FIL for accrued and unpaid servicing fees and the unreimbursed delinquency and servicing advances made by FIL. The agreement does not include the sale of FIL's servicing platform, and Fremont said it plans to wind down its remaining loan servicing operation in Ontario, Calif. The company can be found on the Web at http://www.fremontgeneral.com.
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