NationsBanc Mortgage Corp. Friday completed its purchase of the residential mortgage servicing business of KeyCorp Mortgage Inc., the companies announced.
The deal includes a 500-employee mortgage servicing operation on Park Club Lane in Williamsville that NationsBanc has said it intends to keep intact.
The acquisition primarily includes a $25 billion residential mortgage servicing portfolio, a mortgage servicing operation, and other servicing related assets. NationsBanc Mortgage, which is part of NationsBank, paid about $350 million for the servicing portfolio and the servicing operation and about $150 million for the servicing-related assets.
Meanwhile, the South Carolina Secretary of State's office threatened Friday to revoke the registration for the brokerage division of NationsBank because the company hasn't turned over records requested as part of an audit.
Investigators accused NationsSecurites Inc., the bank's brokerage unit, of failing to turn over some business records and giving them others that were deceptive.
NationsBank denied giving the Secretary of State's office misleading information.