Forward look: The combined company will start with more than $28 billion of deposits, including $1.8 billion in Northern New Jersey. Supporting data: Blue Foundry Bancorp has reported more than $20 million of losses since its conversion to a stock-traded company in 2021. Expert quote: “Blue Foundry was horrible. They couldn’t make any money,” said […]
Fulton to acquire money-losing New Jersey bank for $243M Read More »
Left to righ: Bryce Bradley, Rosegate Mortgage; Craig Freel, Rice Park Capital Management Private investment firm Rice Park Capital Management will acquire a retail and consumer-direct lender one year after the two businesses signed an initial partnership agreement. As in several recent mergers, the servicing pipeline potential figured prominently behind the Minneapolis-based financial firm’s decision
Rice Park acquires Rosegate Mortgage in recapture push Read More »
In a year marked by consolidation, the mortgage industry saw another two merger agreements over the past week, both leading to unions between Mid Atlantic lenders. On Monday, Northern Virginia-based Atlantic Coast Mortgage reported it had reached a deal to acquire a fellow in-state retail lender. Located in Fairfax and currently licensed in 40 states,
Mortgage M&A streak continues with new deals Read More »
New insurance written at the nation’s six active private mortgage insurers continued to run ahead of last year’s pace during the third quarter, with the market share gap widening between the top and bottom. For the quarter, the MIs wrote $84.3 billion of new policies, compared with $81.2 billion three months prior and $82.5 billion
Mortgage insurers have strong 3Q for new policies written Read More »
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 »