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Ally to sell remaining mortgage servicing rights for $280 mln
March 21, 2013 / 1:20 PM / 4 years ago

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.

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