HSBC Bank is now actively marketing the servicing portfolio of its mortgage division as a stand alone asset, according to investment banking officials familiar with the matter.
"They've made the decision to sell just the servicing," one advisor said. "The servicing platform may be part of a deal too."
An offering book on HSBC Mortgage's $62.5 billion portfolio has been prepared by the HSBC USA's investment banking division, said one source. Possible bidders are now being contacted.
Back in August, HSBC said it was considering "strategic options" for its mortgage division, including an outright sale of the entire unit.
A spokesman for the bank declined to comment on a servicing-only sale but referencing the August announcement said, "Strategic options may include, but are not limited to, a sale, merger or other business combination, the sale and outsourcing of all or substantially all of HSBC Mortgage Corporation, its operations and its assets, or other exit from these operations."
He reiterated that, "Our review may not result in any action."
According to figures compiled by ASR sister publication National Mortgage News and the Quarterly Data Report, HSBC Mortgage Corp. of Depew, N.Y. ranks 18th nationwide among all residential servicers.