Irwin Mortgage Does $5B Flow Deal

Irwin Mortgage Corp., Indianapolis, has agreed to sell $5 billion to $7 billion in "flow" servicing to an undisclosed buyer in a deal brokered by Cohane Rafferty Securities Inc.The servicing rights -- which will be delivered to the buyer in future months -- will consist of Fannie Mae and Freddie Mac product. Cohane broker Tom Donatacci described the product as "very vanilla." Mr. Donatacci said he believes the bulk servicing market will begin to pick up steam soon "unless rates really slide." Based in White Plans, N.Y., CRSI is a subsidiary of Lehman Brothers, which owns stakes in a handful of mortgage banking firms. (See the Jan. 19 issue of National Mortgage News for news on other servicing-related deals.)