EverBank in Jacksonville, Fla., is negotiating to buy a $10 billion package of residential servicing rights from Flagstar Bancorp, according to investment banking sources familiar with the matter.
A spokesman for Flagstar, of Troy, Mich., said the company does not comment on speculation. EverBank did not return a call about the matter. The bid price is in the range of 75 basis points, said one official, but that figure could not be confirmed. According to the Quarterly Data Report, EverBank services roughly $46 billion in residential loans, ranking 22nd nationwide. If it winds up with Flagstar's servicing rights, it would move up in the rankings to No. 20.
Flagstar, one of the nation's largest thrifts, lost $513.8 million in 2009, compared with a $275.4 million loss in 2008. Yet its depository is still considered "well capitalized" for regulatory purposes, with capital ratios of 6.19% for Tier 1 capital and 11.68% for total risk-based capital.