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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.