• DD-Square-Logo_resized
  • ATTEND LAS VEGAS
    • Attendee
      • Registration & Pricing
      • Agenda At-A-Glance
      • Exhibitor List/Floor Plan
      • Sponsor List
      • Hotel & Travel
      • Hosted Dealer Program
      • FAQ
      • Mobile App
    • Exhibitor
      • Exhibit/Sponsor
      • Advertising Opportunities
      • Exhibitor Resources
      • Exhibitor Tips
    • Education
      • Overview
      • Show Schedule
  • ABOUT
    • Conference Overview
    • Best Of Awards
    • Become a Speaker
    • Press Inquiries
    • Partnership Programs
    • Health & Safety
    • Contact Us
    • Get Updates
  • RESOURCES
    • Webinars
    • Downloads
  • NEWS
    • Auto Retail News
    • Digital Editions
    • Press Releases
    • Submit Editorial
    • Subscribe
  • .
  • ATTEND LAS VEGAS
    • Attendee
      • Registration & Pricing
      • Agenda At-A-Glance
      • Exhibitor List/Floor Plan
      • Sponsor List
      • Hotel & Travel
      • Hosted Dealer Program
      • FAQ
      • Mobile App
    • Exhibitor
      • Exhibit/Sponsor
      • Advertising Opportunities
      • Exhibitor Resources
      • Exhibitor Tips
    • Education
      • Overview
      • Show Schedule
  • RESOURCES
    • Webinars
    • Downloads
  • ABOUT
    • Conference Overview
    • Best Of Awards
    • Become a Speaker
    • Press Inquiries
    • Partnership Programs
    • Health & Safety
    • Get Updates
  • NEWS
    • AUTO RETAIL NEWS
    • PRESS RELEASES
    • DIGITAL EDITIIONS
    • SUBMIT EDITORIAL
    • SUBSCRIBE

Las Vegas: Oct 17-19, 2023

REGISTER NOW EXHIBIT / INQUIRE
Q

NEWS:

Finance & Insurance News
March 12, 2013

Ally Bank Reaches Agreement to Sell Mortgage Servicing Rights

Posts:
Finance & Insurance News
March 12, 2013

Ally Bank Reaches Agreement to Sell Mortgage Servicing Rights

ally_75x75MIDVALE, Utah — Ally Bank, the direct banking subsidiary of Ally Financial Inc., today announced that it has reached an agreement to sell a portfolio of agency mortgage servicing rights (MSR) to Ocwen Financial Corp.  The transaction comprises MSRs related to mortgage loans with an unpaid principal balance (UPB) of approximately $85 billion as of Jan. 31, 2013, as well as an estimated $5 billion of agency MSR created based on commitments made through the end of February.  The purchase price for the MSR asset is estimated to be approximately $585 million as of the end of January, and the sale includes the transfer of the representation and warranty liabilities associated with the majority of the loans sold.

“Ally continues to make significant progress in exiting its non-strategic mortgage activities.  Going forward, the Bank’s full focus and resources will be centered 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.

As part of the agreement, Ally also has the right to sell Ocwen its remaining MSR portfolio in a subsequent closing.  This portfolio is in excess of $30 billion by UPB as of Jan. 31, 2013 and contains borrowers who have the ability to refinance in the near term.  Ally has received interest in this portfolio from other financial institutions and is currently evaluating the best option for the Bank.

The transaction is expected to close in stages over the next few months and is subject to approval by Fannie Mae and Freddie Mac.

Separately, Ally Bank also completed the previously announced sale of its correspondent and wholesale broker mortgage operation on Feb. 28, 2013 to Walter Investment Management Corp.

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.

Finance & Insurance News

SHARE

Share on Email
Share on Linkedin
Share on Facebook
Share on Pinterest
Share on Twitter
← Previous Article Next Article →
Posts Industry Press Releases

Mopar and Petra Automotive Products Partner to Launch New Maintenance Products to Dealers Across North America

Petra Automotive Products, the fastest growing premium automotive products manufacturer in the world, is proud to announce 11 of their best-in-class products will be launched under the Mopar® brand for Chrysler, Dodge, Jeep®, Ram and FIAT® dealers
Posts Industry Press Releases

Dealer Alchemist: An Inc. 5000 Honoree for the Second Consecutive Year

Announcement from Dealer Alchemist Dealer Alchemist, a digital advertising agency specializing in the automotive industry, is proud to announce its recognition as an Inc. 5000 Honoree for the second year in a row. With an impressive ranking of No. 10
Posts Industry Press Releases

Mopar and Petra Automotive Products Partner to Launch New Maintenance Products to Dealers Across North America

Petra Automotive Products, the fastest growing premium automotive products manufacturer in the world, is proud to announce 11 of their best-in-class products will be launched under the Mopar® brand for Chrysler, Dodge, Jeep®, Ram and FIAT® dealers
Posts Industry Press Releases

Fleming Ford Joins NCM Associates to Launch Advanced Leadership Development and Executive Coaching Programs

Announcement from NCM Associates NCM Associates is thrilled to announce that Fleming Ford will be joining the organization as the Director of Talent Solutions. In this role, Fleming will take the lead in designing and implementing leadership developm
Posts Industry Press Releases

Ben Chodor Assumes Role of CEO at CallRevu, a Serent Portfolio Company

Announcement from CallRevu Experienced Tech Leader to Steer CallRevu’s Growth and Innovation CallRevu, a premier automotive communication solutions provider and a portfolio company of Serent Capital, is pleased to announce the appointment of Ben Ch
Posts Marketing & AdvertisingTrending Industry News

5 Videos Every Auto Salesperson Needs to Make

In today’s digital age, videos have become an indispensable tool for salespeople to connect with prospects and enhance their sales efforts. From personalized introductions to engaging demonstrations, leveraging the right types of videos can sig
Posts Marketing & AdvertisingTrending Industry News

From Bland to Brand: Leveraging Video Content to Catalyze Customer Connections and Drive Profit Center Growth

In the dynamic landscape of the automotive industry, where competition is fierce and consumer expectations are ever-evolving, the power of effective communication cannot be underestimated. As the digital era continues to reshape the way businesses en
Posts Dealer Ops & LeadershipTrending Industry News

What’s Needed to Truly Establish a Digital Presence for Used Auto Dealers, Lenders and OEMs

The auto industry has been laser-focused on digitizing the retail shopping experience for several years, especially since the pandemic in 2020. However, the right digital retail strategy for today’s used dealer goes beyond up leveling a dealer’s

NEWSLETTER

SUBSCRIBE

DEALER MAGAZINE

Dealer Magazine March/April 2023 Issue Featuring an Interview with NADA 2023 Chairman
MAGAZINE
Digital Dealer Logo White
FOLLOW US ON
  • Follow
  • Follow
  • Follow
  • Follow
  • Follow
© 2023 Emerald X, LLC. All Rights Reserved.
ABOUT    CAREERS    AUTHORIZED SERVICE PROVIDERS   DO NOT SELL MY PERSONAL INFORMATION   TERMS OF USE   PRIVACY POLICY