CUNA Mutual Sells MortgageCompany
MADISON, Wis. - (10/03/05) -- CUNA Mutual Group said Monday it hasagreed to sell its CUNA Mutual Mortgage company subsidiary to PHHMortgage of Hunt Valley, Md. Under the deal, PHH, which was spunoff from Cendant Corp. earlier this year, will acquire certainmortgage assets and assume origination, servicing and sub-servicingcontracts. CUNA Mutual Mortgage has originated more than $1 billionworth of mortgages for credit unions over the past 12 months andholds a servicing portfolio of $11 billion, the 47th largest in thecountry. PHH Mortgage is the industry's leading provider of privatelabel mortgages and is a subsidiary of PHH Corp. The sale price wasnot disclosed. CUNA Mutual said it is also reviewing other non-coreassets for ways to improve their focus and efficiency.