PNC Eyeing AccuBanc's $12B of Servicing

PNC Bank has been talking to AccuBanc Mortgage, Houston, about buying the firm's $12 billion servicing portfolio, sources have told MortgageWire.At least two investment banking sources went so far as to say that PNC had been awarded the portfolio. However, PNC and AccuBanc officials could not be reached for comment. One advisor noted that "not too long ago" the two parties "were far apart on price." AccuBanc, which is owned by a company called InterAmericas, is one of the nation's largest remaining conventional non-depositories. It was widely known that William Starkey, AccuBanc's chief executive, had been trying to buy the independent mortgage banker. It was unclear whether PNC had bought only the servicing. "It is possible," said one investment banker, that Mr. Starkey "may have worked out a deal to buy the production network while selling the servicing to PNC." PNC is based in Pittsburgh. Its mortgage subsidiary, PNC Mortgage, is headquartered in Vernon Hills, Ill. In the first quarter, AccuBanc ranked 21st among all residential lenders, and 43rd among all servicers. If PNC winds up with AccuBanc's servicing portfolio it will control $53.5 billion in residential receivables, ranking 15th or 16th, according to first-quarter figures compiled by the Database Products Group, a MortgageWire affiliate.