WATERBURY, Conn. -- Centerbank Mortgage Co. said it signed a letter of intent to purchase the assets of Beneficial Mortgage Corp.
Centerbank, the Waterbury, Conn.-based banking company that owns Centerbank Mortgage, said it expect a definitive purchase agreement to be signed "in the near future." Terms were not disclosed.
$1.6 Billion Portfolio
Centerbank Mortgage would acquire a $1.6 billion servicing portfolio from the Newark, Del.-based unit of Beneficial Corp. Centerbank's servicing total would rise to $7.1 billion.
Centerbank said it will continue Beneficial Mortgage's correspondent loan network, which produced about $800 million in first mortgages in 1992.
Also included in the deal are loans scheduled for resale in the secondary market, and other specified assets, the company said.
