NewState Capital Co., Ltd., the operating subsidiary of Racom Systems, Inc., has signed a letter of intent with KorAm Bank and Central Banking Corp. of Korea to sell its NewState's Korean mortgage loans to Korean investors.

Central Banking will act as the arranger of the loan sale, and KorAm Bank will buy the mortgages and pool them into mortgage-backed securities for resale, Racom said. The mortgages to be sold will conform to certain underwriting criteria as jointly agreed between NewState and KorAm Bank.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.