VERNON HILLS, Ill. - PNC Mortgage has bought servicing rights on $5 billion of home mortgages from Fleet Mortgage Group of Columbia, S.C., the PNC Financial Services Group Inc. unit said Wednesday.
The servicing rights are part of a $25 billion package that the FleetBoston Financial Corp. subsidiary put on the block in April. The offering was split into four geographic segments; PNC bought the Eastern region piece.
Pricing was not disclosed. The transfer of the servicing rights is expected to be completed in October.
The transfer would give PNC Mortgage 5,300 new customers and boost its portfolio to $83 billion. PNC ranked 12th among servicers in the first quarter, according to National Mortgage News.