Flagstar Bancorp Inc (FBC)

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M&A: IMH Sells a Servicing Platform, Flagstar Finally Unloads MSRs?

By Paul Muolo

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Impac Mortgage Holdings has inked a deal to sell its servicing affiliate, AmeriHome Mortgage Corp., for an undisclosed sum and without identifying the buyer.

In a press statement, the nonbank called the mortgage servicing platform a “redundant” operation. As part of the sale, the buyer will also get $700 million in mortgage servicing rights, and licenses to service loans for Fannie Mae, Freddie Mac and FHA. The company said it will continue to service loans through its Excel Mortgage Servicing affiliate.

In a statement, IMH said the sale – expected to close in early 2014 – will help the company “streamline” its mortgage operations and provide “additional cash.” In the third quarter, IMH lost almost $5 million.

Meanwhile, investment banking officials told Inside Mortgage Finance that Flagstar has finally sold some of its MSRs, reportedly to a REIT. At press time, no other details were available. A Flagstar spokeswoman could not be reached for comment. Normally, the company does not comment on such matters.