Hammond Co. Sells Finance Subsidiary

The Hammond Co., a mortgage banking company in Newport Beach, said Monday that it has sold its finance subsidiary, Hammond Mortgage Securities Corp., to an affiliate of a Maryland company for $1 million in cash.

The acquirer was LPS Holdings Corp., an affiliate of the Ryland Group Inc. of Columbia, Md.

“For us, it’s a large transaction because we’re not a big company,” said Jonathan T. Bastis, executive vice president of the Hammond Co. Hammond Mortgage Securities Corp. “had more value to a larger company than it did to us.”