First Tennessee Sells Agency-Paper Servicing Rights

First Tennessee Bank National Association, a subsidiary of First Horizon National Corp., has sold mortgage servicing rights related to $14 billion of first-lien mortgage loans owned or securitized by Fannie Mae or Freddie Mac.

The sale reduces the outstanding balance of first-lien loans for which First Tennessee holds the servicing rights to $48 billion from a peak of about $100 billion a year ago. While not material to overall quarterly financial results, the transaction is reflective of First Tennessee Bank's ongoing strategy to reduce its investment in mortgage servicing rights, the bank says.

SOURCE: First Tennessee

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