Western Financial Bank, Irvine, Calif., has signed a letter of intent to sell substantially all its mortgage servicing rights, which will result in an after-tax writedown of approximately $2.3 million and contribute to a previously announced third-quarter loss, according to Westcorp, the bank's parent.The sale is pending the negotiation of a definitive agreement and related approvals. Western Financial will continue to originate prime and subprime mortgages for sale through established secondary market sources, Westcorp said. Westcorp's website address is http://www.westernfinancial.com.
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