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.

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.