BBX Capital, formerly BankAtlantic Bancorp, has signed Bayview Loan Servicing LLC to provide mortgage loan servicing services for a BBX Capital subsidiary.
Coral Gables-based Bayview will service commercial, residential and consumer loans and related real estate owned by BBX Capital.
“We are pleased to be partnering with Bayview as we continue to build our investment portfolio,” said Seth Wise, president of BBX Capital Asset Management. “The expertise of Baview’s executive team gives us the ability to maximize the value of our assets over the long term and focus on our core business.”
BankAtlantic Bancorp was the parent of BankAtlantic, whose branch assets were sold to Winston-Salem, North Carolina-based Branch Banking and Trust Co.
With the BankAtlantic sale, BBX Capital, is shifting from a bank holding company into an investment and asset management company. The company’s operations include real estate ownership, direct acquisition and joint venture equity in real estate, and specialty finance.
As of Sept. 30, 2012, BBX Capital had total consolidated assets of about $488.4 million.