Lomas Financial Corp., Dallas, said its Lomas Mortgage USA subsidiary would sell its loan production business and about a third of its portfolio of servicing rights to First Nationwide Mortgage Corp., a unit of San Francisco's First Nationwide Bank.

The price was said to be $100 million in cash and the assumption of certain liabilities, including $302 million of warehouse funding on loans being acquired by First Nationwide. The company did not specify what other liabilities were involved.

A deal between Lomas and First Nationwide had been expected, but the structure of the sale is surprising. The thrift had been expected to buy most of the Lomas servicing portfolio, but no mention had been made of loan production.

Lomas has been selling itself off bit by bit after an unsuccessful effort to sell the whole company more than a year ago. Just a few days ago, it sold its property inspection and preservation unit to First American Financial Corp., Santa Ana, Calif. Its highly regarded but unprofitable information systems unit was bought earlier by Prudential Home Mortgage Corp.

The First Nationwide deal appears to leave Lomas as just a loan servicing company, though with a hefty portfolio of some $20 billion that would still leave it in the top 50 in the business.

For First Nationwide, the new production business appears to be a good fit because Lomas is one of the nation's largest originators of Ginnie Mae loans. The servicing portfolio consists entirely of Ginnie Maes as well.

Lomas said the closing of the acquisition, presently scheduled for early October, is subject to GNMA's approval of the servicing transfer to First Nationwide, among other conditions.

The company also said it was continuing to review various options with regard to the remainder of the company. It declined to comment further.

Lomas shares, which have been trading recently at about 62.5 cents a share recently, improved to 87.5 cents a share in Thursday morning trading on the Big Board. Some big holders appeared to be taking an opportunity to bail out as some big blocks crossed the tape. The shares have traded for as much as $5.875 in the last 12 months.

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