-CWCapital acquires Citibank loan servicing Portfolio.
Global Banking News - 24 November 2011
CWCapital Llc (CW), a subsidiary of CW Financial Services Llc, has said that it has acquired the servicing rights for an USD2.6bn small loan portfolio from Citibank (NYCE: C).
The Citibank portfolio consists of around 2,200 Fannie Mae multifamily loans with an average UPB of USD1.2m, and increases CW's loan servicing portfolio to around USD16bn. CW will service the loans through its newly created Small Loan Servicing Group, based out of the Needham, MA loan servicing headquarters. Gardner Hall, managing director and head of CW's Primary Loan Servicing Group, will oversee the new portfolio.
CW has also said that it will set up a small loan origination team at its Irvine, CA office in the first quarter of 2012, to serve the firm's new small loan client base, as well as to develop third-party business.
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