MINNEAPOLIS - Norwest Bank Minnesota has agreed to buy the mortgage securities administration business of Ryland Group Inc.'s mortgage subsidiary.
The purchase price will be $47 million in cash, subject to certain adjustments. The transaction is expected to close in the second or third quarter.
Ryland's mortgage securities administration business includes master servicing, securities administration, investor information services, and tax calculation and reporting.
As of March 31, the business employed about 140 people and was servicing 546 securities with a principal balance of $42.8 billion. Norwest expects the transaction to add to per share earnings beginning in 1996.