BANK UNITED ACQUIRES MULTIFAMILY SERVICING PORTFOLIO OF WESAV MORTGAGE, INC.; PURCHASE EXPANDS ABILITY TO PRODUCE MULTIFAMILY LOANS IN U.S.
HOUSTON, Jan. 19 /PRNewswire/ -- Bank United of Texas FSB announces the acquisition of the multifamily division of WESAV Mortgage, Inc., in Dallas, formerly known as Greenwich Capital Financial Inc. The acquisition includes the purchase of a $250 million multifamily servicing portfolio and the hiring of the division's origination, underwriting and servicing staff. Now known as the Multifamily Agency Division of Bank United, it will be relocated to the Cross Point Atrium Building at 8131 LBJ Freeway in Dallas, where all aspects of the operation will take place. The division will make multifamily servicing acquisitions and originate quality apartment loans which meet the guidelines of both FNMA (Fannie Mae) and FHLMC (Freddie Mac). FNMA has approved Bank United as a national lender for its product lines, and FHLMC has approved the bank as a single and multifamily seller/servicer. "We are very pleased with this acquisition because it enhances our ability to produce multifamily loans in a number of regions and particularly in the Southwest," said Barry C. Burkholder, Bank United's president and CEO. "An additional bonus of this acquisition is that it increases our already strong presence in the Dallas and Fort Worth metroplex." Currently in the metroplex, the bank operates 26 retail banking branches under the Bank United banner and four mortgage offices under the name of Commonwealth United Mortgage. In addition, a full-service broker/dealer subsidiary, UFM, Inc., has offices in the metroplex. Bank United also offers construction lending services to the metroplex. Bank United, a federal savings bank with $6.3 billion in assets, operates a network of 64 retail banking branches in Texas; a national mortgage banking network of 76 retail loan offices and 18 correspondent offices in 26 states operating under the name of Commonwealth United Mortgage, and a wholesale division, United Financial Markets, which specializes in buying and selling mortgage instruments in the secondary mortgage market. -0- 1/19/93 /CONTACT: Ruth Lack, PR Officer of Bank United, 713-965-6920/
CO: Bank United of Texas FSB; WESAV Mortgage, Inc. ST: Texas IN: FIN SU: TNM
LR -- NY076 -- 6464 01/19/93 14:54 EST
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|Date:||Jan 19, 1993|
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