Express America Mortgage Corp. has taken a $15 million writedown of purchased mortgage servicing rights, the company announced late last week.

As a result of the speeded-up amortization schedule, the Phoenix-based mortgage bank, formerly Wesav Mortgage, reported a loss of $2.1 million for the fiscal year ended Sept. 30.

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.