HSBC Holdings PLC is reviewing a first round of bids taken on its $60 billion residential servicing portfolio, but has yet to make a decision on the sale, according to industry advisers familiar with the matter.
The first round of bidding was about two weeks ago. The bank has declined to discuss the sale process.
Sources said the mortgage servicing rights were offered in one bulk package instead of pieces. It was unclear whether HSBC's servicing platform in Depew, N.Y., would change hands.
At least one midsize commercial bank has looked at the portfolio, said a source.
The MSRs are being offered through the bank's investment banking group, which is based in Chicago.
HSBC said in the fall that it was considering its "strategic options" regarding its mortgage business, a code phrase for a sale.
The British-based bank lost billions of dollars by investing in the subprime giant Household Finance and has been winding down that business over the past three years.
