JHM Mortgage In Servicing Deal
JHM Mortgage Securities, a publicly traded limited partnership, has acquired from Standard Federal Savings Bank the rights to service $1.3 billion of mortgages.
Although the price was not disclosed, Standard Federal was paid partly with units of JHM. Standard Federal, a leading servicer based in Gaithersburg, Md., sold the rights as part of an effort to comply with capital rules.
The thrift will continue to earn fees by performing the servicing work for JHM. The deal had been in the works since last spring, but was completed only recently.
JHM, based in McLean, Va., and affiliated with John Hancock Mutual Life Insurance Co., has mainly invested in mortgage securities. But this year, it has been on the prowl for servicing assets. In May it picked up the rights to service $1 billion of loans from Dominion Bank-shares Mortgage Corp.