A big year for mergers and acquisitions in the mortgage space has even profitable companies weighing moves as buyers are ponying up premiums. Stratmor Group Senior Partner Garth Graham said the strategic advisory firm is in the process of transactions with profitable companies who in past cycles would’ve stood pat, but are now mulling whether […]
Why even profitable lenders are thinking about selling Read More »
While the publicly traded title underwriters across the board reported improved third quarter results on a year-over-year comparison, helped by September’s refinance activity that several mortgage lenders referred to in their results. The biggest news from the sector came after the quarter ended, with three of the companies announcing merger and acquisition deals. Fidelity
Refis drive better 3Q for major title insurers Read More »
Guild Mortgage reported higher profits and loan volume in the third quarter, likely marking its final earnings release as a public company before its merger with Bayview Asset Management. The company reported net income of $33.3 million in the third quarter, up significantly from a loss of $66.9 million during the same period a year
Guild’s profits and originations jump ahead of privatization Read More »
The mortgage industry is seeing another merger-and-acquisition deal, with Carrington Holding Co. adding a new channel to its mix through its purchase of a suburban New York-based residential lender. The owner of several businesses providing services to the real estate and mortgage industries, Carrington announced an agreement to acquire Reliance First Capital from its parent
Carrington inks deal to acquire Reliance First Capital Read More »
Loan origination system platform Mortgage Cadence is under new ownership following its sale to an enterprise software acquisition group. Partnerone, an international software firm with a record of acquiring and scaling companies, announced a purchase of the mortgage technology business from current parent Accenture. Mortgage Cadence has operated as a unit within the financial services
Mortgage Cadence sold to global software firm Partnerone Read More »
Forward look: Home BancShares in Conway, Arkansas, has signed a letter of intent for its first bank deal in more than three years. Expert quote: “I believe in fixing your existing problems before you make a new move. That’s exactly what Home has been doing for the past three years,” Chairman and CEO John Allison
With problems behind it, Home BancShares preps for a deal Read More »
Old Republic is set to acquire a major insurer of small farm owners and select commercial agricultural operations. The specialty insurer bought Everett Cash Mutual Insurance Co. and affiliated companies for an undisclosed number, following its conversion to a stock company in a sponsored demutualization transaction. “With ECM’s ‘narrow and deep’ expertise in the farm
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Following its absorption of the Mr. Cooper and Redfin organizations, Rocket Companies confirmed it conducted a round of layoffs on Oct. 17, in line plans for cuts announced in second-quarter earnings. The reduction in force affected less than 1% of its team, the company said in a statement, confirming information which appeared in HousingWire. “Following
Rocket layoffs related to Mr. Cooper deal get underway Read More »
In this week’s banking news roundup: Flagstar’s shareholders approved a plan to merge its holding company into the bank; Huntington tapped a new chief auditor, along with two new business leaders; First Foundation hired a new chief credit officer; and more.
Flagstar’s shareholders approve plan to dissolve holding company Read More »
Cornerstone Capital Bancorp, a one-time independent mortgage banker that acquired a depository, has agreed to purchase another bank, Peoples Bancorp of Lubbock, Texas. Terms of the transaction were not disclosed. “With one of the strongest capital positions in our markets and a deep base of low-cost core funding, we are well positioned for meaningful organic
Cornerstone Capital to acquire another Texas bank Read More »