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North Carolina-based First South Bank buying MSR portfolio

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North Carolina-based First South Bank buying MSR portfolio

Washington,N.C.-based First South Bankis buying a portfolio of mortgage servicing rights of 452 Freddie Mac and FannieMae loans.

The loans havean unpaid principal balance of approximately $84.6 million.

The purchase— which will bring the bank's total value of mortgage servicing rights to roughly$2.8 million and the total balance of mortgage loans serviced for others to around$376.9 million — is subject to approval from Freddie Mac and Fannie Mae.

The bank isa unit of First South Bancorp Inc.