H&R Block Inc. has closed the sale of the mortgage loan servicing business of its Option One Mortgage Corp. (OOMC) subsidiary.
As previously announced, the purchaser was American Home Mortgage Servicing Inc., an affiliate of WL Ross & Co. LLC. Proceeds of the transaction at closing were approximately $1.3 billion, the company adds.
‘The closing of the Option One sale is a significant milestone in the transformation and refocusing of H&R Block,’ states Richard C. Breeden, chairman of H&R Block. ‘We are pleased to safely transfer the servicing responsibilities of Option One into the hands of a respected and responsible purchaser.’
Source: H&R Block Inc.