WILMINGTON, Del. - Beneficial Mortgage Corp. said it has acquired a $170 million portfolio of second-mortgage loans from two Citicorp subsidiaries.
Citicorp Mortgage will continue servicing the portfolio until the accounts are transferred to Beneficial Mortgage, a unit of Beneficial Corp.
The loans, secured by Florida real estate, were acquired from Citibank Federal Savings Bank and Citibank (Florida). The average balance of loans in the portfolio is $32,400.