In Brief: Principal of Iowa to Sell Due Diligence Unit

Principal Residential Mortgage Inc., said it has signed a letter of intent to sell its mortgage due diligence unit to an affiliate of Bayview Financial Trading Group LP of Miami.

Bayview said the acquisition would enhance its mortgage-related services by offering customers a single source for most of their mortgage needs.

Principal Residential, a unit of Principal Financial Group, said it expects the transaction to be completed by Oct. 31. Terms were not announced.

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