-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Hxxj+D938rX0DtEFmL1JKH3S4dV/nf/g6DdwTJCU91BIJ23NcaT4KfSKj/kU3MIu qGL1UIBxWeIiv0qEAYlo0Q== 0000085974-98-000007.txt : 19980408 0000085974-98-000007.hdr.sgml : 19980408 ACCESSION NUMBER: 0000085974-98-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980331 ITEM INFORMATION: FILED AS OF DATE: 19980407 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: RYLAND GROUP INC CENTRAL INDEX KEY: 0000085974 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 520849948 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-08029 FILM NUMBER: 98588591 BUSINESS ADDRESS: STREET 1: 11000 BROKEN LAND PARKWAY CITY: COLUMBIA STATE: MD ZIP: 21044 BUSINESS PHONE: 4107157000 FORMER COMPANY: FORMER CONFORMED NAME: RYAN JAMES P CO DATE OF NAME CHANGE: 19720414 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington D.C. FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 31, 1998 The Ryland Group, Inc. --------------------------------- (Exact name of registrant as specified in its charter) Maryland 1-8029 52-0849948 ---------- ------ ----------- (State or other jurisdiction (Commission File No.) (IRS Employer incorporation) Identification No.) 11000 Broken Land Parkway, Columbia, Maryland 21044 - --------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 715-7000 Not Applicable - ----------------------------------------------------------------------------- (Former name or former address, if changed since last report) Item 5. Other Events RYLAND ANNOUNCES A SALE OF A PORTION OF ITS LOAN SERVICING PORTFOLIO The Ryland Group, Inc., (NYSE: RYL) announced that on March 31, 1998 it sold a portion of its third-party loan-servicing portfolio to PNC Mortgage Corp. of America. The portfolio that was sold to PNC Mortgage Corp. of America has an outstanding principal balance of approximately $2.7 billion and represents a majority of the Company's currently owned loan servicing portfolio. The transfer of this sold portion of the loan servicing portfolio is expected to be completed by May 30, 1998. Ryland Mortgage Company (the financial services segment) anticipates reporting a pretax gain on the sale for the first quarter of 1998 of between $6 and $8 million. Ryland Mortgage Company will continue to service selected mortgage loans in its portfolio and will service its own originated mortgage loans on an interim basis until the servicing is sold to third parties. Additionally, Ryland will transition out of its subservicing business which currently has an outstanding principal balance of approximately $.8 billion. SIGNATURES ----------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. The Ryland Group, Inc. ----------------------- (Registrant) Date: April 7 , 1998 MICHAEL D. MANGAN -------------- -------------------------- Michael D. Mangan Executive Vice President and Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----