Earnings Volatility Claims Another Victim in Mortgage Servicing Business: NetBank Puts Platform up for Sale
May 4, 2006
Shaky earnings from its servicing operation have pushed NetBank to offer its servicing platform and most of its servicing portfolio for sale. Selling the unit will free-up between $20 million and $35 million in risk-based capital for the online bank to invest in more profitable initiatives, and save the company the quarterly headache of volatile servicing profits. …