Fremont Investment & Loan (FIL), a Santa Monica, Calif.-based subsidiary of Fremont General Corp., has entered into a definitive agreement to sell the fixed assets and assign its lease obligation of its Irving, Texas, loan servicing facility.
Pursuant to the agreement, FIL will receive cash for the sale of the fixed assets and the assignment of its lease obligations to the facility. Employees at the Irving facility are expected to be offered employment with the purchaser if they meet the purchaser's hiring needs and criteria.
The transaction is expected to close in the first quarter of 2008 and is subject to customary closing conditions. The company notes that it did not sell any of its mortgage servicing rights pursuant to this transaction and continues to maintain its primary loan servicing operations in Ontario, Calif.