Weyerhaeuser Corp. Has a BuyerFor Its Mortgage Banking Operation

Weyerhaeuser Corp., the paper and forest products giant, has agreed to sell its mortgage banking unit to WMC Acquisition Co., a group formed by Apollo Management LP and Spring Mountain Escrow Inc.

Apollo Management is part of Apollo Advisors, an investment firm managed by financier Leon Black. Through Apollo, Mr. Black has several real estate investments. Spring Mountain is the largest independent escrow firm in California.

Weyerhaeuser Mortgage Co. has been on the block since September. Last month its president and chief executive officer, Donald E. Lange, told American Banker that companies other than traditional mortgage banks were among the bidders.

Terms of the deal were not disclosed.

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