United Mortgage Corp. of Minneapolis, Minn., is on the block, according to sources familiar with the company.
Bear, Stearns & Co. is believed to be representing the owners.
Miller & Schroeder Inc. and Marshall Financial Inc., Minneapolis-based investment companies, led the group that bought the company for about $100 million from the Resolution Trust Corp. in late 1991.
Unlike Foster Mortgage, another property sold by the RTC that was recently resold, United has been able to originate enough new loans to keep pace with servicing runoff, according to mortgage bankers familiar with the company.
As of July 31, United mortgage had a servicing portfolio of $3.9 billion. The company originated $1.7 billion in 1992.
On Dec. 31, 1991, the day it was sold by the RTC, the company had a servicing portfolio of $3.8 billion.
First Tennessee National Corp. is paying $11.6 million for Maryland National Mortgage, which is virtually the same size as united. But First Tennessee says a strong balance sheet affected the pricing. One source said the same might not be true of United.
Calls to Miller & Schroeder and United Mortgage Corp. were not returned. Bear Stearns officials declined to comment.