"Our master and primary services portfolio was very, very small," company senior vice president of servicing Brian L. Hanson tells GlobeSt.com. "These were not profitable business lines for us, yet that type of business is becoming increasingly a volume oriented business, with commitment to infrastructure. We weren't willing to make those commitments to make it profitable."
Hanson reiterates that even with the disposition of these contracts, CRIIMI MAE remains one of the largest special services providers, providing master and primary servicing on a $166 million insured mortgage securities portfolio, and primary servicing on $6.1 million in mezzanine loans. Simply put, he says of the sold package of contracts, "it was not profitable and we didn't see it being profitable anytime soon, and we didn't want to make the commitment to making it profitable."
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