April 22, 2013

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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.

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