Ally Bank Completes Sales of Mortgage Servicing Rights
Apr 17, 2013
MIDVALE, Utah, April 17, 2013 -- Ally Bank, the direct banking subsidiary of Ally Financial Inc., today announced that it completed the sales of approximately $115 billion in unpaid principal balance (UPB) of agency mortgage servicing rights (MSR) to Ocwen Financial Corp. and Quicken Loans, Inc. In total, Ally Bank has received approximately $850 million in proceeds for the transactions.
"Ally Bank has made significant progress this year in exiting its non-strategic mortgage activities. With the completion of the MSR transactions, Ally Bank will now focus squarely on its leading direct banking franchise and advancing its customer-centric deposit activities, as well as continuing to grow its key role in Ally's auto finance operation," said Ally Bank President and Chief Executive Officer Barbara Yastine.
Final proceeds for the transactions are subject to adjustment based on the actual UPB on the closing dates. Additionally, there is approximately $5 billion UPB of remaining MSR that will close in stages over the coming months. Once the remaining pipeline is wound down, Ally will have no remaining MSR assets.
About Ally Bank
Ally Bank is a direct bank in the U.S. that offers a straightforward approach to banking with no minimum deposit required to open an account, no monthly maintenance fees and 24/7 live customer service. A subsidiary of Ally Financial Inc., the Bank offers online savings, interest checking, money market accounts, certificates of deposit with terms ranging from three months to five years, and IRA Plans and products. Member FDIC.