Tulsa, Okla.-based BOK Financial Corp. has acquired the rights to service a $4.1 billion portfolio of mortgage loans from Albuquerque, N.M.-based Charter Bank.
The 34,400 loans are largely concentrated in New Mexico, with the remainder representing Texas, Oklahoma, Kansas, Arizona, Colorado and Idaho. The loans to be serviced by BOK Financial are predominantly held by Fannie Mae, Freddie Mac and Ginnie Mae. The acquisition will mean a 46% increase of BOK Financial's current $7.4 billion mortgage servicing portfolio.
‘We are pleased to announce the completion of this acquisition,’ says BOK Financial' president and CEO, Stan Lybarger, who calls the portfolio "attractive."
Although the acquisition is complete, the actual transfer of mortgage loans will take place in early April. BOK Financial provided borrowers, prior to the transfer, details on future mortgage payments. The advance communication provided details about the exact date of transfer, as well as contact information for borrower inquiries.
‘We have a local presence in Albuquerque, with a local mortgage team to meet future mortgage needs," says Ben Cowen, president of BOK Financial's mortgage group.
The company's servicing unit already services loans in most of the markets represented in the acquisition, he adds. Approximately three-quarters of the acquired mortgage loans are with customers in New Mexico, where BOK Financial operates its Bank of Albuquerque subsidiary.
SOURCE: BOK Financial Corp.