It is expected that smaller companies such as Nationstar Mortgage Holdings and Walter Investment Management will try to buy the collection rights, dubbed as mortgage servicing rights, as reported by Reuters.
Nationstar was purchasing $215bn mortgage servicing rights for $1.3bn and Walter Investment was acquiring $93bn mortgage servicing rights for $519m, the bank said in a statement.
The sell will also help the lender to improve its customer service capability and resolve legacy mortgage issues, while slashing risk in its portfolio.
Mortgage servicing rights enables banks to earn fees from mortgage investors in exchange for collecting home loan payments from borrowers.
