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The Department of Veterans Affairs awarded a mortgage servicing contract to Vendor Resource Management, according to a recent disclosure of the arrangement.
VRM, the Texas-based loss-mitigation partner with PCV Murcor, will take over servicing on the VA mortgages from origination through REO management. Though the deal has has not been publicly announced, it involves "north of $1 billion in assets," according to sources familiar with the deal.
Since 2006, VRM was the sole REO asset manager for Freddie Mac until the government-sponsored enterprise extended contracts to two more firms in early 2011.
According to the VA disclosure, the contract was awarded last week and is worth nearly $179 million.
Sources said the deal involves servicing previously handled by Bank of America ($13.27 0.06%), but the VA office could not immediately confirm the transfer.
BofA did not reply to a request for comment. However, the bank continues to wind down its servicing portfolio. It declined to $1.8 trillion at the end of 2011 from $1.9 trillion three months prior and $2.1 trillion at the end of 2010, according to its most recent financial filing.
BofA reports its first-quarter earnings Thursday.
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