Salt Lake-based Fairbanks Capital Corp. said Wednesday it has closed on the transaction to acquire Bank of America Corp.'s EquiCredit subprime real estate servicing operations and the existing portfolio.
Fairbanks, involved in serving and special servicing of single-family residential mortgage loans, also said it will restructure its platforms in Salt Lake City; Hatboro, Pa.; and Jacksonville, Fla.
The company will retain key management and former EquiCredit employees in Jacksonville, which will become Fairbanks Capital's largest service center, with more than 900 employees. The company's existing customer service and primary collections departments will be consolidated into the Jacksonville facility. Fairbanks capital's default, collections and all executive and administration departments will remain in Salt Lake City.
Its timeline management operations, which includes its bankruptcy and foreclosures departments, will be located in Hatboro. Fairbanks Capital's REO department will operate in both Salt Lake City and Hatboro.
"As part of our strategic restructuring, our new and existing employees will be cross-trained and have their skills retooled as we successfully integrate our Salt Lake City, Hatboro and Jacksonville platforms," said William P. Garland, Fairbanks' president.
Fairbanks Capital is a privately-held company owned by affiliates of Financial Guaranty Insurance Co., Financial Security Assurance Inc., GE Capital Equity Investments Inc., PMI Mortgage Insurance and senior management. It has three facilities in Salt Lake.