bought $880 million of home mortgage servicing rights from Society First Federal Savings Bank, a Fort Myers, Fla., subsidiary of Keycorp. The price was not disclosed. First Federal, ranked No. 46 among the nation's mortgage servicers at midyear with $9.5 billion, said this transaction and an earlier deal would add $1.3 billion to its portfolio. First Federal acquired Sibley Mortgage Corp., Rochester, earlier this year, adding $1.6 billion of servicing rights to its portfolio. The sale of the servicing portfolio came on the eve of an announcement Monday that Keycorp is selling Society First to First Union Corp. for $188 million in cash.
Access to authoritative analysis and perspective and our data-driven report series.
No credit card required. Complete access to articles, breaking news and industry data.
Have an account? Sign In