M&T Bank buys large MSR portfolio
M&T Bank in Buffalo, N.Y., has picked up a large servicing portfolio.
The $120 billion-asset company disclosed in a Wednesday regulatory filing that it had bought residential mortgage servicing rights for loans with an outstanding balance of about $13.3 billion.
M&T, which paid about $146 million for the servicing rights, said it expects to transfer the loans to its servicing program in the second quarter.
The company noted in the filing that as of Dec. 31 it serviced about $79 billion in residential real estate loans. The company added $9 billion of residential real estate loans subserviced for others last year.
Revenue from servicing residential real estate loans for others totaled $195 million in 2018.