WATERBURY, Conn. -- Centerbank Mortgage Co. has completed its purchase of the assets of a Beneficial Corp. mortgage unit. Terms were not disclosed.
The Waterbury-based company, a unit of Centerbank, said it acquired a servicing portfolio of 20,000 loans and $1.7 billion, bringing its servicing total to $7.1 billion.
Included in the acquisition was Beneficial Mortgage's correspondent network, which originated $722 million in 1992 and had $108 million in warehoused loans slated for sale in the secondary market.