Irwin Unloading Servicing?

Published March 31, 2006, 3:00 p.m. EST

1 Min Read

Irwin Financial Corp., Columbus, Ohio, is toying with the idea of selling $14 billion in servicing rights housed at its mortgage affiliate, sources told MortgageWire.A spokeswoman for IFC declined to comment. In January IFC announced that it was exiting the conventional market by selling subsidiary Irwin Mortgage Corp., which is based in Fishers, Ind. IMC ranks 31st among residential servicers. The bank parent has been fielding offers for the unit and in February rumors began to surface that subprime giant New Century Financial Corp., might be the winning bidder. However, the IFC spokeswoman clarified that no sale announcement is pending and the company is not commenting on any market rumors.

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