ROSLYN, N.Y. - The Roslyn Savings Bank has completed its acquisition of Residential Mortgage Banking Inc.
The bank will change the name of the mortgage unit to Residential First Inc., Hauppauge, N.Y., which will operate as a subsidiary of the bank. The unit will be managed by Peter J. Russo, currently president and chief executive of the mortgage bank, and Anthony F. Panza, executive vice president. Mr. Russo and Mr. Panza established the mortgage bank in 1986.
The acquisition will increase the bank's offerings of government and Fannie Mae loans, in addition to fixed-rate, adjustable, jumbo, and commercial mortgages currently offered by Roslyn Savings.
"The combination of Roslyn's financial stability and our mortgage know- how will result in many new opportunities for the company and its employees," Mr. Russo said. He added that the mortgage bank will retain its full staff after the acquisition and has plans to expand in the future.
Residential First Inc. has six offices in New York and New Jersey, and services $600 million of home mortgage loans.
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SAN JUAN, Puerto Rico - PonceBank and R&G Mortgage Corp. announced an agreement under which Ponce will transfer servicing rights on pools of Ginnie Mae loans to R&G. The 108 pools include 2,900 mortgage loans with an outstanding balance of about $120 million.
As part of the deal, R&G Mortgage will also service all of Ponce's mortgage loan portfolio and loans now serviced by Ponce for others. Such mortgage loan portfolios amount to about $100 million.
Both mortgage servicing transactions are expected to be completed on Sept. 1.
"The sale of the Ginnie Mae servicing rights and the outsourcing of the mortgage loan servicing function are expected to improve the bank's efficiency," said Rafael Blanco, president and chief executive.