MidFirst Bank, based in Oklahoma City, has secured a $7.8 billion mortgage servicing acquisition, comprising 64,000 FHA/VA mortgage loans. This acquisition solidifies MidFirst Bank's position as the fifth-largest servicer of Federal Housing Administration (FHA)/Veterans Affairs (VA) loans in the U.S., the company says.
‘During this time of significant turmoil in the financial markets, MidFirst Bank continues to grow and produce solid earnings results. This acquisition is evidence of our commitment to build on our core competencies and to further strengthen MidFirst's secure financial position,’ says Ken Clark, president of Midland Mortgage Co., the wholly owned subsidiary of MidFirst Bank that services the bank's mortgage loan and servicing portfolios.
The bank's total servicing portfolio now stands at 320,000 loans totaling $23.9 billion. Since November 2007, the total balance of FHA/VA purchases for MidFirst Bank, including loans and servicing, totals $8.4 billion, of which 100% are fully insured by the U.S. government.
Source: MidFirst Bank