The mortgage unit of NationsBank Corp. said Monday that it has agreed to buy an Arizonabased mortgage servicing business for about $85 million.

The purchase, from Express America Holdings, will boost NationsBank's servicing portfolio by more than 20%, to $37.5 billion. It also provides NationsBank with a facility to handle growth in servicing.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.