Fremont General Corp. today completed the sale to Litton Loan Servicing of the remaining mortgage servicing rights on its $12.2 billion serviced loan portfolio.
The transaction was previously announced in an asset purchase agreement on May 7.
The mortgage servicing rights sold to Litton included all rights to service mortgage loans under the servicing agreements, including the rights to receive servicing fees and ancillary income payable to Fremont Investment & Loan, as servicer, and the rights and obligations to make any advances required under any of the servicing agreements, including obligations to reimburse funds borrowed from any custodial or other accounts under a servicing agreement, as well as certain other rights to reimbursement.
