Mortgage lenders, who have devised many methods of dicing up loans for sale to investors, are now poised to repackage a slice of the business they have always retained: the servicing income.

Standard Federal Bank of Troy, Mich., has struck a deal with Fannie Mae to securitize servicing income on $500 million of loans. It is expected to be the first of a number of negotiated deals between lenders and the mortgage agency.

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