A real estate investment trust has acquired a mortgage servicer out of Texas with a servicing portfolio less than $10 billion.
Residential Credit Solutions Inc. opened for business in 2006. Its loan servicing portfolio has grown to $8.5 billion as of June.
The company says it is approved with the Federal National Mortgage Association, the Federal Home Loan Mortgage Corp. and the Government National Mortgage Association.
An announcement Thursday indicated that the Fort Worth, Texas-based firm has been acquired.
The buyer is a subsidiary of Bethesda, Md.-based American Capital Mortgage Investment Corp.
American Capital is a publicly traded REIT that that invests in and manages a leveraged portfolio of agency and non-agency mortgage-related investments. It is externally managed by American Capital MTGE Management LLC.
American Capital President and Chief Investment Officer Gary Kain explained in the announcement that Residential Credit will expand and diversify American Capital’s investment capabilities by facilitating investments in mortgage servicing rights and whole loan portfolios.
Affiliate American Capital Ltd says it manages $20 billion in assets and has $117 billion in total assets under management.
