Ally Bank, a subsidiary of Ally Financial, netted $850 million in proceeds for finalizing its sale of agency mortgage servicing rights to Ocwen Financial Corp. and Quicken Loans Inc.

Ally sold $115 billion in unpaid principal balance agency MSRs to the two mortgage firms, a move aligned with the auto lender’s long-term goal of distancing itself entirely from the mortgage lending space.

"With the completion of the MSR transactions, Ally Bank will now focus squarely on its leading direct banking franchise and advancing its customer-centric deposit activities, as well as continuing to grow its key role in Ally's auto finance operation," said Ally Bank President and Chief Executive Officer Barbara Yastine.   

Another $5 billion UPB of remaining MSR is expected to close over the next few months, Ally Bank said. Once this particular pipeline is entirely sold off, Ally will have no more MSR assets.