CLEVELAND - KeyCorp is expected to announce today that it has agreed to buy Newport Mortgage Co. LP, a Dallas commercial mortgage lender.
Terms of the expected deal were unavailable late Friday.
Newport specializes in originating and servicing multifamily mortgages for Fannie Mae, Freddie Mac, Ginnie Mae and the U.S. Department of Housing and Urban Development. It services $1 billion of loans.
KeyCorp's commercial real estate group was already authorized to originate and service multifamily loans for Fannie under its Delegated Underwriter and Servicer program. Buying Newport would enable it to also offer Freddie, Ginnie, and HUD products.
KeyCorp's real estate division has been beefing up this year; in January it bought National Realty Funding, a commercial mortgage conduit lender in Kansas City, Mo.