Matrix Sells Wholesale Platform

Matrix Bancorp Inc., Denver, has reported the sale of the wholesale platform of Matrix Financial Services Corp. to an undisclosed "third-party purchaser."The buyer will pay $3.3 million, plus a production premium of between $4.9 million and $9.1 million. Matrix president and co-chief executive Mark Spencer said the company "made a strategic decision to reduce our capital commitment to the mortgage banking business, and the deal announced today is the culmination of these efforts." The deal does not affect Matrix's mortgage servicing platform. During a six-month transition period that started Feb. 28, the Phoenix-based wholesale platform will remain under the effective control of Matrix Financial and Matrix Bank. However, the buyer has assumed all the economic risks and rewards of the operation.