BOSTON - Fleet National Bank announced Monday that it has outsourced its mortgage processing, closing, and servicing functions to Cendant Mortgage on a private-label basis.
The Mt. Laurel, N.J., unit of Cendant Corp. will buy all mortgages originated by Fleet National Bank and will originate some loans directly to customers of the FleetBoston Financial Corp. subsidiary.
Washington Mutual Inc. had been buying and servicing Fleet's loans in its own name since it acquired Fleet Mortgage's wholesale, correspondent, and servicing divisions last year.
Though the companies would not say how much the deal was worth, Bob Andwood, a senior vice president of Cendant Mortgage, said he expects the partnership to generate $3 billion of production volume next year.
Jim Schepker, a Fleet National Bank spokesman, said that the deal would allow its mortgage customers to access their mortgage account information through Fleet Mortgage's Web site, its branches, or its call centers. Previously, Fleet Mortgage customers accessed that information through the Seattle-based Wamu.
