Source: KeyCorp
KeyCorp (NYSE: KEY) said today it had completed the previously announced sale of the origination platform of Champion Mortgage to Nationstar Mortgage.
Terms were not disclosed for the transaction, which was announced December 1, 2006.
KeyCorp sold Champion's mortgage loan portfolio to a subsidiary of HSBC Finance Corporation in a separate transaction in 2006. KeyCorp sold Parsippany, NJ-based Champion to focus on its relationship-oriented consumer and corporate businesses.
Champion Mortgage will become an operating division of Nationstar Mortgage.
Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $92 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally.