WASHINGTON (dpa-AFX) - Fifth Third Bancorp (FITB) announced that it has entered into a definitive agreement to acquire Mechanics Bank's Delegated Underwriting and Servicing (DUS) business line, which includes its experienced team and a servicing portfolio with an unpaid principal balance of $1.8 billion.
The DUS program is designed to provide liquidity and stability to the housing market. By acquiring this license, Fifth Third gains direct access to Fannie Mae products and a proven servicing model, reinforcing its commitment to delivering innovative solutions for clients and advancing housing affordability.
The acquisition remains subject to customary closing conditions and certain third-party approvals, including approval by Fannie Mae.
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