MTGE acquires Fort Worth-based mortgage servicerDecember 4, 2013
Bethesda, Md.-based American Capital Mortgage Investment Corp. (Nasdaq: MTGE) announced Dec. 4 that, through a subsidiary, it has acquired Residential Credit Solutions Inc., a licensed mortgage servicer based in Fort Worth.
Formed in 2006, RCS as obtained approvals from the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corp. (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae) and the requisite state licenses to hold and manage mortgage servicing rights (MSRs). No price was given for the transaction.
"We believe that MTGE's investment capabilities and capital base form a strong complement to our servicing operations and will provide new and attractive growth opportunities for RCS," said Dennis Stowe, CEO of RCS in a news release. "We eagerly anticipate working with the MTGE team and executing upon our growth strategy."