Quantcast
Get breaking news alerts via email

Click here to manage your alerts
Ally Bank exploring options for mortgage servicing operations
First Published Oct 30 2012 07:37 am • Last Updated Oct 31 2012 10:34 am

Ally Bank, the Midvale-based banking subsidiary of Ally Financial Inc., said it is exploring options for its mortgage servicing and business lending operations.

Those options could include a sale of one or both of those operations.

Join the Discussion
Post a Comment

A mortgage servicer is responsible for the day-to-day management of individual mortgage loan accounts, including collecting and crediting monthly loan payments as well as handling any escrow accounts.

"Ally Bank has been recognized as a leading direct banking franchise and going forward our goal is to focus on our customer-centric deposit activities as well as supporting Ally’s auto finance operation," Ally Bank President and CEO Barbara Yastine said in a statement.

She added the decision was made to explore alternatives for the mortgage servicing portfolio and business lending operations as they are no longer strategic activities for the bank.

The bank’s mortgage servicing portfolio had an unpaid principal balance of approximately $122 billion of mortgage loans in the third quarter of 2012.

Ally Bank primarily provides funding for new and used vehicle inventory and consumer financing, leasing and commercial loans to automobile dealers across the country. It also offers retail online savings, interest checking, money market accounts, certificates of deposits and IRA plans.

As of June 30, the bank had total assets of $87.3 billion.




Copyright 2014 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Top Reader Comments Read All Comments Post a Comment
Click here to read all comments   Click here to post a comment


About Reader Comments


Reader comments on sltrib.com are the opinions of the writer, not The Salt Lake Tribune. We will delete comments containing obscenities, personal attacks and inappropriate or offensive remarks. Flagrant or repeat violators will be banned. If you see an objectionable comment, please alert us by clicking the arrow on the upper right side of the comment and selecting "Flag comment as inappropriate". If you've recently registered with Disqus or aren't seeing your comments immediately, you may need to verify your email address. To do so, visit disqus.com/account.
See more about comments here.
Staying Connected
Videos
Jobs
Contests and Promotions
  • Search Obituaries
  • Place an Obituary

  • Search Cars
  • Search Homes
  • Search Jobs
  • Search Marketplace
  • Search Legal Notices

  • Other Services
  • Advertise With Us
  • Subscribe to the Newspaper
  • Access your e-Edition
  • Frequently Asked Questions
  • Contact a newsroom staff member
  • Access the Trib Archives
  • Privacy Policy
  • Missing your paper? Need to place your paper on vacation hold? For this and any other subscription related needs, click here or call 801.204.6100.