In a move that underscores the importance of size in the home loan business, Banc One Corp. is selling its mortgage servicing business to HomeSide Lending Inc.

Under an agreement announced late Wednesday, HomeSide, a Jacksonville, Fla., company recently bought by National Australia Bank, will pay $201 million for the $18 billion loan portfolio. It will also buy mortgages that Banc One originates through its branches.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.