Ally to sell remaining mortgage servicing rights for $280 mln
March 21 (Reuters) - Auto lender Ally Financial Inc's banking unit said it would sell its remaining agency mortgage servicing rights (MSR) portfolio to online lender Quicken Loans for about $280 million.
The transaction is expected to close in the second quarter and is subject to approvals from Fannie Mae and Freddie Mac.
Ally, the bailed-out auto lender that is 74 percent-owned by the U.S. government, earlier this month sold about $90 billion of mortgage servicing rights to Ocwen Financial Corp.
Ally will have no further MSR assets once its closes the transactions with Ocwen and Quicken Loans.
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video