Westcorp is leaving the mortgage servicing business.

This week its Western Financial Bank announced the pending sale of a $4 billion portfolio of mortgage servicing rights. The sale will result in a writedown of about $2.3 million after taxes, which will contribute to a previously announced third-quarter loss.

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.