Saw the market announcement on the ASX this morning.
NAB said:National Australia Bank today announced that it had reached agreement to purchase the mortgage management business of Challenger for $385 million.
The purchase includes PLAN, Choice and FAST mortgage aggregator businesses and Challenger's multi-brand 'white label' product capability. In addition, a select portfolio of approximately $4 billion of residential mortgages will be acquired at a discount to face value for loan loss provisions. The purchase also includes an interest in approximately 17.5% in Homeloans Ltd, with the potential to increase to approximately 41% subject to Homeloans Ltd shareholder approval.