Harbourton Financial Services LP has agreed to sell $2.8 billion of servicing rights on high-coupon Ginnie Mae loans to Source One Mortgage Services Corp., Farmington Hills, Mich.

Harbourton said it expects the transfer of its servicing responsibilities to occur about Nov. 1. The company expects to receive net proceeds, after transaction and transfer costs, of about $47 million from the sale. The proceeds will be used to reduce Harbourton's debt.

Source One, owned by Fund American Enterprise Holdings of Norwich, Vt., was the No. 19 servicer at midyear, with a portfolio of $31.3 billion.

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