BOK Financial Purchases Rights To Service $4.1 Billion Mortgage Loans From Albuquerque-Based Charter Bank

Tulsa-based BOK Financial Corp. (NASDAQ: BOKF) has acquired the rights to service a $4.1 billion portfolio of mortgage loans from Albuquerque-based Charter Bank.

The 34,400 loans are largely concentrated in New Mexico, with the remainder representing Texas, Oklahoma, Kansas, Arizona, Colorado and Idaho. The loans to be serviced by BOK Financial are predominantly held by Fannie Mae, Freddie Mac and Ginnie Mae. The acquisition will mean a 46% increase of BOK Financial’s current $7.4 billion mortgage servicing portfolio.

“We are pleased to announce the completion of this acquisition,” said BOK Financial President and CEO Stan Lybarger. “This is an attractive portfolio and we are eager to serve the needs of our new customers.”

The acquisition follows a very successful year in 2009 for BOK Financial’s mortgage group, which funded just over $3 billion in loans in 2009, up sharply from $1.3 billion in 2008.

Although the acquisition is complete, the actual transfer of mortgage loans will take place in early April. Prior to the transfer, in mid March, customers will receive detailed communication explaining how to make mortgage payments in the future. The advance communication will provide details about the exact date of transfer and will provide contact information for questions.

“We have a local presence in Albuquerque, with a local mortgage team to meet future mortgage needs. In addition, “Our mortgage servicing team is very talented and we already service loans for most of these markets represented by this acquisition,” said Ben Cowen, President of BOK Financial’s mortgage group.

The full-service local market bank subsidiaries of BOK Financial provide the new customers with additional options for service and also access to an expansive set of products and services to address any additional financial needs they may have. Approximately three quarters of the acquired mortgage loans are with customers in New Mexico, where BOK Financial operates its Bank of Albuquerque subsidiary.