April 22, 2013

Cover Story

CEO of the Year

Utah’s business landscape is rich with professionals who have le...Read More

Featured Articles

Did you go Skiing this winter?

Around Utah

Sections

Spotlight
Martin Plaehn

Spotlight
Karen Sendelback

Legal Briefs
Social Media and Employers: Friends or Enemies?

Money Talk
The Case for HSAs

Economic Insight
Time to Show Up

Lessons Learned
Make a Move

TechKnowledge
In the Lab

EntrepreneurEdge
Rent to Own

Business Trends
Back from the Dead

Executive Living
Artful Inspiration

Features
A Breath of Fresh Air

Features
Worst-Case Scenario

Regional Report
Northern Utah

Focus
Measure Up

Industry Outlook
Travel & Tourism

Players
Players

Article

Ally Bank Completes Sales of Mortgage Servicing Rights

Press Release

April 22, 2013

Midvale — Ally Bank, the direct banking subsidiary of Ally Financial Inc., has completed the sales of approximately $115 billion in unpaid principal balance (UPB) of agency mortgage servicing rights (MSR) to Ocwen Financial Corp. and Quicken Loans, Inc. In total, Ally Bank has received approximately $850 million in proceeds for the transactions.

"Ally Bank has made significant progress this year in exiting its non-strategic mortgage activities,” said Ally Bank president and chief executive officer Barbara Yastine. “With the completion of the MSR transactions, Ally Bank will now focus squarely on its leading direct banking franchise and advancing its customer-centric deposit activities, as well as continuing to grow its key role in Ally's auto finance operation.”   

Final proceeds for the transactions are subject to adjustment based on the actual UPB on the closing dates. Additionally, there is approximately $5 billion UPB of remaining MSR that will close in stages over the coming months. Once the remaining pipeline is wound down, Ally will have no remaining MSR assets.

Utah Business Social
UB Events View All
SAMY Awards 2015Utah Business Event
Jan 23, 2015
Utah Business magazine along with Presenting Sponsor: Griffin Hill, Premier Sponsors: The Summit ...
Forty Under 40 - 2015Utah Business Event
Feb 26, 2015
Utah Business Magazine along with Presenting Sponsors: Kirton McConkie, BIG-D Construction and Ma...
CEO of the Year 2015 ... NOMINATIONS NOW OPEN!Utah Business Event
Mar 31, 2015
CEO of the Year Nominations end - January 7, 2015. Visit: www.utahbusiness.com/nomination_item...
Community Events View All
Create Success: Intellectual Property Protection for Growth Technology Companies
Dec 31, 2015
This is a presentation by Michael Best, a major national leader in the commercialization of Intel...
Inbound Marketing SLC: Focus on Ecommerce
Dec 31, 2015
Come learn from four ecommerce experts how to grow your business through inbound marketing. Regis...

info@utahbusiness.com  |  90 South 400 West, Ste 650 Salt Lake City, Utah 84101   |  (801) 568-0114

Advertise with Utah Business

Submit an Event

* indicates required information
* Event Name:
Price (general):
Website (if applicable):
Coordinator's Name:
Coordinator's Email:
Coordinator's Phone:
Venue Name:
Venue Address:
Venue City:
Venue Zip:
Event Capacity:
Date(s):
to
* Event Description:
  Cancel