Principal Residential Mortgage Inc., Des Moines, Iowa, has agreed to buy ReliaStar Mortgage Corp., also of Des Moines, for an undisclosed price.ReliaStar currently is a subsidiary of ReliaStar Financial Corp., Minneapolis. The deal will give Principal a servicing portfolio of nearly $40 billion; ReliaStar currently services $7 billion. On a pro forma basis, Principal will become one of the top 20 servicers in the country, according to a list compiled by the Database Products Group of Faulkner & Gray. ReliaStar is a wholesaler with an 800-broker network nationwide. Principal is retail and correspondent lender, purchasing more than $6.1 billion from other lenders last year. Its retail network had production of $950 million.
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