Electronic Data Systems Corp. said Thursday that it would buy Wendover Financial Services Corp. from State Street Corp.
Wendover Financial Services, Greensboro, N.C., a unit of the former State Street Boston Corp., is the holding company for Wendover Funding, one of the nation's largest mortgage subservicers.
At Dec. 31, Wendover had a servicing portfolio of $9.34 billion. Virtually all of this servicing is owned by other companies, and Wendover collects fees for its servicing work.
The transaction, terms of which were not disclosed, is expected to close in early June.
Wendover is the largest wholesale originator of reverse mortgages, which allow elderly homeowners to tap their equity. It has originated more than 11,000 reverse mortgages, or about half the total industrywide.