Royal CU Buys Mortgage Servicing Rights From Failed Bank

Wisconsin CU assumes 4,200 mortgages worth $600 million as FDIC moves to shut down Minnesota-based The RiverBank.

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

The 135,000-member Royal Credit Union in Eau Claire, Wis., has announced a deal to buy the mortgage servicing rights to approximately $600 million in mortgage loans from a Minnesota-based bank.

The move will add roughly 4,200 mortgage loans to the $1.2 billion Royal CU’s portfolio. According to a Royal Executive, the CU already services roughly $900 million in mortgage loans that have been sold on the secondary market. This purchase brings that number up to $1.5 billion.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
Exclusive discounts on ALM and CU Times events.
Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account? Sign In Now

Dig Deeper

Recommended Stories

CUNA Mutual Group Matches Up to $1 Million Grant Supporting WOCCU

Michael Ogden | April 13, 2021

The matching grant is intended to help “champion and grow credit unions and cooperative finance worldwide.”

Less Captive Hybrid Events Require Better Storytelling

Beth Schnabel and Holly Fearing | April 12, 2021

Filene Research Institute breaks down the key considerations for planning, promoting and executing next-normal events.

Law.com

ROI of Advanced Digital Advertising: What Marketers Need to Know

Brought to you by ALM Media | April 13, 2021

Join this webcast to find out how B2B marketers in the legal, financial, insurance, and commercial real estate markets are getting 3x to 6x better engagement using advanced digital advertising strategies.

Resource Center

Understand the key disruptive forces in lending today and how innovators are using technology to not only overcome resource constraints but thrive.

Report

Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
Exclusive discounts on ALM and Credit Union Times events.
Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.