The 135,000-member Royal Credit Union has purchased the mortgage servicing rights to $600 million in mortgage loans from a local bank that the FDIC subsequently took over and sold to another bank.
The purchase added roughly 4,200 mortgage loans to the loans it already services.
According Mark Willer, chief operating officer at Royal, the credit union already services a loan portfolio of roughly $900 million worth of mortgage loans that have been sold on the secondary market through Fannie Mae or Freddie Mac. The purchase brings the total up to $1.5 billion.
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