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First Guaranty gets approval to sell mortgage servicing rights to BSI
By Sarah Lizee
Olympia, Wash., Sept. 1 – First Guaranty Mortgage Corp. secured court approval of a private sale of its mortgage servicing rights and obligations to Servis One, Inc., which does business as BSI Financial Services, according to an order filed with the U.S. Bankruptcy Court for the District of Delaware.
The purchase price is about $4.8 million. The amount will be paid in installments, with 80% paid on the closing date, 10% paid after 90 days and the last 10% paid after 180 days.
Closing is expected to occur on or before Sept. 15.
The Plano, Tex.-based mortgage lender filed Chapter 11 bankruptcy on June 30 under case number 22-10584.
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