MidFirst Bank, the third largest privately owned bank in the United States, has secured a $7.8 billion mortgage servicing acquisition, comprised of 64,000 FHA/VA mortgage loans.
This acquisition solidifies MidFirst Bank’s position as the fifth largest servicer of FHA/VA loans in the United States.
“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,” said Ken Clark, president of Midland Mortgage Co., the wholly owned subsidiary of MidFirst Bank which services the bank’s mortgage loan and servicing portfolios.
“For many years, MidFirst Bank has built a large portfolio of FHA and VA mortgage loans, which are backed by agencies of the United States government. In 2007 alone, we were recognized for excellence in investor accounting and default management with the Freddie Mac Tier One Gold Award (awarded to only 26 out of 1,500 service providers) and the Fannie Mae Circle of Excellence.
The Department of Housing and Urban Development also recognized MidFirst Bank with their highest performance ranking in 2006 and 2007,” continued Clark.
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 percent are fully insured by the U.S. government.