Mortgage M&A activity in 2022 and 2023: a list
August 21, 2023 9:39 AM
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As the mortgage industry winds down from explosive origination volume seen in 2020 and 2021, consolidation activity has ramped up .
Thus far, two groups of industry stakeholders are emerging: those that have enough capital and see the depressed market as an opportune time to grow market share and companies that can no longer stay afloat.
As a result, merger and acquisition activity has been booming, with42 transactions closing during 2022 , up from a previous record of 33 deals of this kind in 2018, according to consulting firm Stratmor Group.
That number is expected to grow even further, with the consultancy predicting 60 transactions in 2023, most of which are between nonbank lenders.
So far, deals have been struck inall sectors of the industry , with brokerages, lenders and servicers merging or scooping up competitors.
Stakeholders in the industry looking to acquire others keep an eye out for similar cultures and whether a company dominates in a particular region that the stakeholder is trying to expand into.
David Hrobon, principal at Stratmor,explains that "each deal is unique but there are some generalities relative to the nonbank buyer motivations" such as larger IMB's frequently having "lower borrowing costs and better secondary market execution than their smaller peers."
"For most [lenders], market share growth is simply calculated by product of the acquisition. Their primary motivation is to add loan volume (scale) that will help them offset their fixed expenses and return to an acceptable level of profitability," he said.
Thus far, two groups of industry stakeholders are emerging: those that have enough capital and see the depressed market as an opportune time to grow market share and companies that can no longer stay afloat.
As a result, merger and acquisition activity has been booming, with
That number is expected to grow even further, with the consultancy predicting 60 transactions in 2023, most of which are between nonbank lenders.
So far, deals have been struck in
Stakeholders in the industry looking to acquire others keep an eye out for similar cultures and whether a company dominates in a particular region that the stakeholder is trying to expand into.
David Hrobon, principal at Stratmor,
"For most [lenders], market share growth is simply calculated by product of the acquisition. Their primary motivation is to add loan volume (scale) that will help them offset their fixed expenses and return to an acceptable level of profitability," he said.
NONBANKS
American Pacific Mortgage acquires Lend Smart Mortgage, LLC
Date announced: January 26, 2023
California-based American Pacific Mortgage continues to expand its market footprint with an asset purchase of Lend Smart Mortgage, LLC. Minnesota-based Lend Smart Mortgage has close to 30 branches nationwide, with its presence mainly stretching across the midwest. The terms of the deal were not disclosed. According to APM's spokeswoman, 27 branches will be brought on board, with 107 loan officers in total.
Readmore here .
California-based American Pacific Mortgage continues to expand its market footprint with an asset purchase of Lend Smart Mortgage, LLC. Minnesota-based Lend Smart Mortgage has close to 30 branches nationwide, with its presence mainly stretching across the midwest. The terms of the deal were not disclosed. According to APM's spokeswoman, 27 branches will be brought on board, with 107 loan officers in total.
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American Pacific Mortgage acquires Arizona-based Sunstreet Mortgage
Date announced: July 2022
American Pacific Mortgage acquired Arizona-based Sunstreet Mortgage sometime in July 2022. The retail lender, which offers FHA, VA and USDA loans, was integrated as a division inside of APM.
American Pacific Mortgage acquired Arizona-based Sunstreet Mortgage sometime in July 2022. The retail lender, which offers FHA, VA and USDA loans, was integrated as a division inside of APM.
AnnieMac acquires Family First Funding
Date announced: March 2023
AnnieMac Home Mortgage, a Mount Laurel, N.J.-based nonbank lender, moved to acquire Family First Funding of Tomas River. Though requests for confirmation were not returned, a check of the Nationwide Multistate Licensing System & Registry entry for American Neighborhood Mortgage Acceptance Company, the legal name of AnnieMac lists Family First as a division of the company.Reportedly Family First was having liquidity issues, which led to the sale.
Readmore here .
AnnieMac Home Mortgage, a Mount Laurel, N.J.-based nonbank lender, moved to acquire Family First Funding of Tomas River. Though requests for confirmation were not returned, a check of the Nationwide Multistate Licensing System & Registry entry for American Neighborhood Mortgage Acceptance Company, the legal name of AnnieMac lists Family First as a division of the company.Reportedly Family First was having liquidity issues, which led to the sale.
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AnnieMac buys OVM Financial
Date announced: July 1, 2022
AnnieMac Home Mortgage, a nationwide lender based in Mount Laurel, New Jersey, expanded its mid-Atlantic reach with the acquisition of OVM Financial. Terms of the deal were not disclosed. OVM is headquartered in Virginia Beach, Virginia and has branches in that state and in Florida, North Carolina and Texas, with 220 employees total. It has been rebranded as OVM Financial Team Powered By AnnieMac Home Mortgage.
Readmore here .
AnnieMac Home Mortgage, a nationwide lender based in Mount Laurel, New Jersey, expanded its mid-Atlantic reach with the acquisition of OVM Financial. Terms of the deal were not disclosed. OVM is headquartered in Virginia Beach, Virginia and has branches in that state and in Florida, North Carolina and Texas, with 220 employees total. It has been rebranded as OVM Financial Team Powered By AnnieMac Home Mortgage.
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CMG Mortgage acquires Homebridge's retail division
Date announced: March 7, 2023
CMG Mortgage has purchased the retail origination business of Homebridge Financial Services for an undisclosed sum in a transaction involving two of the larger independent mortgage bankers making moves during a busy merger and acquisition period. The deal brings Homebridge's more than 180 retail branches nationwide to CMG. Homebridge will retain its two wholesale divisions, Homebridge Wholesale and REMN Wholesale; CMG has its own correspondent, retail and wholesale channels.
Readmore here .
CMG Mortgage has purchased the retail origination business of Homebridge Financial Services for an undisclosed sum in a transaction involving two of the larger independent mortgage bankers making moves during a busy merger and acquisition period. The deal brings Homebridge's more than 180 retail branches nationwide to CMG. Homebridge will retain its two wholesale divisions, Homebridge Wholesale and REMN Wholesale; CMG has its own correspondent, retail and wholesale channels.
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Finance of America acquires American Advisors Group
Date announced: December 07, 2022
Finance of America has agreed to acquire the assets of the product's No. 1 originator, American Advisors Group, for $10 million in cash. The transaction also has an equity component as AAG's owners, including founder and CEO Reza Jahangiri, received one share of Finance of America's class B non-publicly traded common stock (of which 15 shares total are outstanding) and the rights to purchase up to almost 33.9 million shares of class.
"By complementing [our] innovation, thought leadership, and wholesale channel success with AAG's unmatched investments in consumer awareness, we are strengthening a movement to change society's retirement trajectory for the better," Finance of America Reverse President Kristen Sieffert said in an emailed statement.
Readmore here .
Finance of America has agreed to acquire the assets of the product's No. 1 originator, American Advisors Group, for $10 million in cash. The transaction also has an equity component as AAG's owners, including founder and CEO Reza Jahangiri, received one share of Finance of America's class B non-publicly traded common stock (of which 15 shares total are outstanding) and the rights to purchase up to almost 33.9 million shares of class.
"By complementing [our] innovation, thought leadership, and wholesale channel success with AAG's unmatched investments in consumer awareness, we are strengthening a movement to change society's retirement trajectory for the better," Finance of America Reverse President Kristen Sieffert said in an emailed statement.
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Guaranteed Rate acquires remaining stake in Premia
Date announced: July 03, 2023
Guaranteed Rate, the Chicago-based privately held mortgage lender, bought out Serva, its joint venture partner, to acquire the remaining interestin specialty originator Premia Relocation Mortgage.
Details about the Guaranteed Rate transaction were not immediately available, including price and how much of Premia did Serva own prior to the sale.
Premia will keep its name and business focus of working with relocation services companies as well as directly with businesses that relocate workers on a regular basis.
Readmore here .
Guaranteed Rate, the Chicago-based privately held mortgage lender, bought out Serva, its joint venture partner, to acquire the remaining interest
Details about the Guaranteed Rate transaction were not immediately available, including price and how much of Premia did Serva own prior to the sale.
Premia will keep its name and business focus of working with relocation services companies as well as directly with businesses that relocate workers on a regular basis.
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Guild Mortgage acquires Cherry Creek Mortgage
Date announced: March 14, 2023
Guild Mortgage is purchasing Cherry Creek Mortgage, making this thethird acquisition by the San Diego-based public company in the span of four months. The privately held lender, which has 68 branches covering 45 states, will help to expand Guild's footprint into reverse mortgage lending. Cherry Creek has been a long-time player in the reverse mortgage business. For the trailing 12 months ended February, it was the nation's 10th most active originator of home equity conversion mortgages, according to Reverse Mortgage Insight. Cherry Creek's branches will become their own division within Guild and will be headed by its former CEO Jeff May who ran the company for 36 years. Terms of the acquisition were not disclosed.
Readmore here .
Guild Mortgage is purchasing Cherry Creek Mortgage, making this the
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Guild Mortgage buys Legacy Mortgage
Date announced February 8, 2023
Guild has purchased Legacy Mortgage, a small residential lender and servicer, in line with its goal tobuild market share through acquisitions and add to its holdings in the Southwest. Terms of the deal were not disclosed. Legacy is based in Albuquerque, New Mexico, and has 13 branches in Colorado, New Mexico and Texas.
Readmore here .
Guild has purchased Legacy Mortgage, a small residential lender and servicer, in line with its goal to
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Guild Mortgage to purchase Inlanta Mortgage
Date announced: December 2, 202
San Diego-based Guild Mortgage acquired Inlanta Mortgage. Terms of the acquisition were not disclosed.
"In joining Guild, we can offer our Midwest borrowers a broader array of loan options and access to new digital and customer relationship tools to improve every step in the lending experience, including servicing, a Guild strength," said Inlanta founder John Knowlton in a release. "Our combined resources and customer service cultures will drive future growth throughout the region."
On Nov. 29, Inlanta sent a letter to the Wisconsin Department of Workforce Development disclosingthe termination of 62 employees , starting that day and lasting through the wind-down of operations expected in early April 2023.
Readmore here .
San Diego-based Guild Mortgage acquired Inlanta Mortgage. Terms of the acquisition were not disclosed.
"In joining Guild, we can offer our Midwest borrowers a broader array of loan options and access to new digital and customer relationship tools to improve every step in the lending experience, including servicing, a Guild strength," said Inlanta founder John Knowlton in a release. "Our combined resources and customer service cultures will drive future growth throughout the region."
On Nov. 29, Inlanta sent a letter to the Wisconsin Department of Workforce Development disclosing
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Marlin Mortgage Holdings purchases LoanFront
Date announced: October 21, 2022
Marlin Mortgage Holdings, an owner of mortgage servicing rights, has agreed to purchase direct-to-consumer lender LoanFront. Terms of the transaction have not been disclosed.
"The LoanFront acquisition serves a few strategic milestones: adding internal capabilities for retention efforts of the approximate 130,000 existing Marlin borrowers and access to an existing platform to assist in our planned expansion into Ginnie Mae mortgage servicing rights," said Andrew Weber, Marlin Mortgage CEO, in a press release.
Readmore here .
Marlin Mortgage Holdings, an owner of mortgage servicing rights, has agreed to purchase direct-to-consumer lender LoanFront. Terms of the transaction have not been disclosed.
"The LoanFront acquisition serves a few strategic milestones: adding internal capabilities for retention efforts of the approximate 130,000 existing Marlin borrowers and access to an existing platform to assist in our planned expansion into Ginnie Mae mortgage servicing rights," said Andrew Weber, Marlin Mortgage CEO, in a press release.
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Movement Mortgage acquires New England-based Mortgage Network
Date announced: November 11, 2022
National retail lender and servicer Movement Mortgage reached an agreement to purchase New England-based Mortgage Network. With this deal, Movement adds over 30 Mortgage Network branches in 12 Eastern states to the company. Headquartered in Danvers, Massachusetts, Mortgage Network is licensed in 27 states. Movement plans to retain Mortgage Network's personnel and incorporate that business with its own retail operations. The move is expected to add $2 billion in mortgage volume annually. The terms of the deal were not disclosed.
Readmore here .
National retail lender and servicer Movement Mortgage reached an agreement to purchase New England-based Mortgage Network. With this deal, Movement adds over 30 Mortgage Network branches in 12 Eastern states to the company. Headquartered in Danvers, Massachusetts, Mortgage Network is licensed in 27 states. Movement plans to retain Mortgage Network's personnel and incorporate that business with its own retail operations. The move is expected to add $2 billion in mortgage volume annually. The terms of the deal were not disclosed.
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Prosperity Home Mortgage buys JFQ Lending
Date announced: February 28, 2023
Prosperity Home Mortgage, a lender under the massive Berkshire Hathaway real estate umbrella, has acquired direct-to-consumer business JFQ Lending, it announced in February. The financial terms of the deal were not disclosed. JFQ Lending will operate Prosperity's Consumer Direct Division at its call center in Scottsdale, Arizona. The Chantilly, Virginia-based Prosperity counted $25 billion in production from over 500 mortgage consultants between 2021 and 2022, it said. The lender funded $8.5 billion in volume between January and October of last year, according to S&P Global data.
Readmore here .
Prosperity Home Mortgage, a lender under the massive Berkshire Hathaway real estate umbrella, has acquired direct-to-consumer business JFQ Lending, it announced in February. The financial terms of the deal were not disclosed. JFQ Lending will operate Prosperity's Consumer Direct Division at its call center in Scottsdale, Arizona. The Chantilly, Virginia-based Prosperity counted $25 billion in production from over 500 mortgage consultants between 2021 and 2022, it said. The lender funded $8.5 billion in volume between January and October of last year, according to S&P Global data.
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Thrive Mortgage picks up American Mortgage Service Co.
Date announced: September 27, 2022
Thrive Mortgage struck a deal to acquire American Mortgage Service Co.Georgetown, Texas-based Thrive , a lender licensed in 40 states, reached an agreement with AMSC that will expand its presence within the Midwest and South and add over 200 employees to its team. "We've already been licensed in all the states they are, but they've got a brick-and-mortar presence, and that's what adds to our network," said Randell Gillespie, Thrive Mortgage's executive vice president, national sales manager, in an interview. The combined loan production volume across all channels for the two companies is expected to approach $3.6 billion by the end of 2022, Gillespie said.
Readmore here .
Thrive Mortgage struck a deal to acquire American Mortgage Service Co.
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Union Home Mortgage nabs Amerifirst Home Mortgage
Date announced: December 22, 2022
Union Home Mortgage acquired Amerifirst Home Mortgage. UHM and Kalamazoo, Michigan-based Amerifirst share some similarities: both companies are primarily focused on the USDA market and both have been in the mortgage business for more than two decades. Their union will allow UHM to expand its national reach to markets in Florida, Michigan, Ohio, North Carolina and California.
"Our company lives by the mantra of 'Promises Kept,' which includes promises to our customers, communities and colleague partners. Today, I am thrilled to expand the reach of that promise further," said Bill Cosgrove, CEO of Union Home Mortgage, in a written statement.
Readmore here .
Union Home Mortgage acquired Amerifirst Home Mortgage. UHM and Kalamazoo, Michigan-based Amerifirst share some similarities: both companies are primarily focused on the USDA market and both have been in the mortgage business for more than two decades. Their union will allow UHM to expand its national reach to markets in Florida, Michigan, Ohio, North Carolina and California.
"Our company lives by the mantra of 'Promises Kept,' which includes promises to our customers, communities and colleague partners. Today, I am thrilled to expand the reach of that promise further," said Bill Cosgrove, CEO of Union Home Mortgage, in a written statement.
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Mr. Cooper acquires Home Point Capital
Date announced: May 11, 2023
Mr. Cooper announced plans to dish out $324 million to acquire Home Point's $84 billion servicing portfolio, close to $1.1 billion of conventional MSRs, roughly $600 million in tangible equity and $500 million in outstanding 5% senior notes. Followingthe close of the transaction, Home Point will officially wind down operations.
The overall valuation being paid for Home Point "appears low" BTIG said in a report, though the financial services firm noted that the lender's "leverage and challenging growth outlook were factors which weighed on its valuation."
Readmore here .
Mr. Cooper announced plans to dish out $324 million to acquire Home Point's $84 billion servicing portfolio, close to $1.1 billion of conventional MSRs, roughly $600 million in tangible equity and $500 million in outstanding 5% senior notes. Following
The overall valuation being paid for Home Point "appears low" BTIG said in a report, though the financial services firm noted that the lender's "leverage and challenging growth outlook were factors which weighed on its valuation."
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Mr. Cooper to buy Roosevelt Management, Rushmore
Date announced: Feb 10, 2023
Mr. Cooper plans to buy an investor in mortgage-related assets and a special servicer in order to brace itself for a potential credit-cycle shift. The mortgage company plans to close on the purchase of Roosevelt Management Co., a registered investment advisory, and its sister company, Rushmore, by mid-year. Roosevelt invests in whole loans and mortgage servicing rights.
Readmore here .
Mr. Cooper plans to buy an investor in mortgage-related assets and a special servicer in order to brace itself for a potential credit-cycle shift. The mortgage company plans to close on the purchase of Roosevelt Management Co., a registered investment advisory, and its sister company, Rushmore, by mid-year. Roosevelt invests in whole loans and mortgage servicing rights.
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Planet Home Lending acquires Platinum Home Mortgage Corp.
Date announced: June 01, 2023
Planet Home Lending bought Platinum Home Mortgage Corp., in a bid to expand its presence in Western markets.
As part of the deal, Planet Home Lending will bring on board most of Platinum's production personnel and a network of 20 retail offices. The price tag of the transaction was not disclosed.
Platinum President and CEO Lee Gross will join Planet as part of the transaction. Gross will be a senior vice president at Planet and oversee the Platinum team.
Readmore here .
Planet Home Lending bought Platinum Home Mortgage Corp., in a bid to expand its presence in Western markets.
As part of the deal, Planet Home Lending will bring on board most of Platinum's production personnel and a network of 20 retail offices. The price tag of the transaction was not disclosed.
Platinum President and CEO Lee Gross will join Planet as part of the transaction. Gross will be a senior vice president at Planet and oversee the Platinum team.
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TECHNOLOGY
CoreLogic purchases Roostify
Date announced: February 22, 2023
CoreLogic, the real estate data and software provider, acquired point-of-sale platform Roostify, an addition that will give it capabilities to directly assist lenders at the beginning of a digital loan process. The move allows the Irvine, California-based CoreLogic to share business intelligence with mortgage companies in the first stages of borrowing, thereby ideally helping them identify errors early.
Calling the deal an important transaction for the mortgage industry, Roostify Co-Founder and CEO Rajesh Bhat said the combined company "allows us to accelerate the journey towards a truly data driven digital origination experience in one single platform."
Readmore here .
CoreLogic, the real estate data and software provider, acquired point-of-sale platform Roostify, an addition that will give it capabilities to directly assist lenders at the beginning of a digital loan process. The move allows the Irvine, California-based CoreLogic to share business intelligence with mortgage companies in the first stages of borrowing, thereby ideally helping them identify errors early.
Calling the deal an important transaction for the mortgage industry, Roostify Co-Founder and CEO Rajesh Bhat said the combined company "allows us to accelerate the journey towards a truly data driven digital origination experience in one single platform."
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Homebot acquires Quo Finance
Date announced: March 21, 2023
Homebot, a finance portal designed to facilitate ongoing communication between customers and lenders, acquired Menlo Park-California-based Quo Finance, a mobile app that provides financial guidance for first-time home buyers. The partnership merges both platforms together and will expand Homebot's database of users, potentially increasing return business for real estate agents and lenders that use the Colorado-based company's product. Details of the acquisition were not disclosed.
Read morehere .
Homebot, a finance portal designed to facilitate ongoing communication between customers and lenders, acquired Menlo Park-California-based Quo Finance, a mobile app that provides financial guidance for first-time home buyers. The partnership merges both platforms together and will expand Homebot's database of users, potentially increasing return business for real estate agents and lenders that use the Colorado-based company's product. Details of the acquisition were not disclosed.
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HomeLight buys cash-offer fintech Accept.inc
Date announced: June 16, 2022
HomeLight agreed to acquire Accept.inc, a fintech lender specializing in cash-offer equivalent products. The acquiring company, a real estate technology firm with a pre-existing cash-offer financing operation , did not disclose the exact terms of the all-stock deal. The majority of the Accept.inc team will take on new roles within HomeLight as the two operations are combined, HomeLight CEO Drew Uher said in an emailed response to questions.
Readmore here.
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Intercontinental Exchange initiates process to purchase Black Knight
Date announced: May 4, 2022
Intercontinental Exchange, the owner of the mortgage industry's most widely used loan origination system, announced that it is buying Black Knight, which has a similar market penetration on the servicing side. Intercontinental Exchange expects cost synergies of $200 million after the deal is completed. The first one-third will be realized in the first year, the next two-thirds by year three, and full synergies in five years. Investor questions linger aroundantitrust challenges , but John Campbell, an analyst at Stephens believes that the deal could get through a Hart-Scott-Rodino regulatory review.
Read herefor more .
Intercontinental Exchange, the owner of the mortgage industry's most widely used loan origination system, announced that it is buying Black Knight, which has a similar market penetration on the servicing side. Intercontinental Exchange expects cost synergies of $200 million after the deal is completed. The first one-third will be realized in the first year, the next two-thirds by year three, and full synergies in five years. Investor questions linger around
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MeridianLink to take on OpenClose
Date announced: November 10, 2022
MeridianLink reported in an earnings call in November that it bought mortgage technology platform OpenClose for $65 million. The acquiring company, which provides cloud-based software to financial institutions, found buying the point of sale technology attractive because the move extends its reach in mortgage software. The acquisition specifically adds morebanks to the customer base for the company's mortgage lending technology, Chris Maloof, president in the company's Go-to-Market division said.
Readmore here .
MeridianLink reported in an earnings call in November that it bought mortgage technology platform OpenClose for $65 million. The acquiring company, which provides cloud-based software to financial institutions, found buying the point of sale technology attractive because the move extends its reach in mortgage software. The acquisition specifically adds more
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Mortgage Coach and Sales Boomerang merge
Date announced: June 28, 2022
Mortgage Coach and Sales Boomerang, two companies that help loan officers increase sales, have merged five months after both companies received an investment from LLR Partners.LLR Partners, which invested $80 million in January in both companies, had a controlling stake in each firm at the time of the mergers. Specific terms of the deal, including respective valuations and contributions to revenue, are not being disclosed.
Readmore here .
Mortgage Coach and Sales Boomerang, two companies that help loan officers increase sales, have merged five months after both companies received an investment from LLR Partners.LLR Partners, which invested $80 million in January in both companies, had a controlling stake in each firm at the time of the mergers. Specific terms of the deal, including respective valuations and contributions to revenue, are not being disclosed.
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Opteon acquires Northeastern Appraisal Associates Residential
Date announced: July 5, 2022
Opteon, an international property valuation firm, completed its fourth transaction in the last year with the acquisition of Buffalo, New York-based Northeastern Appraisal Associates Residential, an appraisal management company and staff appraisal firm. Terms of the deal were not disclosed. Founded in Australia in 2005, Opteon developed technology that decreased turn times and valuation report revision rates. It was offering valuation and property services in Australia and New Zealand before entering the U.S. market in 2019 with the acquisition of Apex Appraisal Service.
Readmore here .
Opteon, an international property valuation firm, completed its fourth transaction in the last year with the acquisition of Buffalo, New York-based Northeastern Appraisal Associates Residential, an appraisal management company and staff appraisal firm. Terms of the deal were not disclosed. Founded in Australia in 2005, Opteon developed technology that decreased turn times and valuation report revision rates. It was offering valuation and property services in Australia and New Zealand before entering the U.S. market in 2019 with the acquisition of Apex Appraisal Service.
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Stavvy and Brace merge
Date announced: August, 1, 2023
Digital software providerStavvy has agreed to acquire fellow mortgage technology startup Brace in a deal that will boost servicing capabilities the Boston-based fintech can provide.
The deal brings together two alums ofFlagstar Bank's MortgageTech Accelerator program . Financial terms of the deal were not disclosed.
"Stavvy's vision of streamlining real estate transactions aligns seamlessly with Brace's unwavering dedication to tackle the inefficiencies and foster transparency within the mortgage industry," said Brace CEO Eric Rachmel."
Readmore here .
Digital software provider
The deal brings together two alums of
"Stavvy's vision of streamlining real estate transactions aligns seamlessly with Brace's unwavering dedication to tackle the inefficiencies and foster transparency within the mortgage industry," said Brace CEO Eric Rachmel."
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TECH COMPANIES BUYING NONBANKS
JZZ Technologies buys Oxygen Mortgage
Date announced: March 1, 2023
JZZ Technologies, a small publicly traded technology company, is in the process of acquiring Colorado-based Oxygen Mortgage. The deal closes in 60 days and the price tag for the acquisition is a "low seven-figure number," according to Robert Egeland, CEO of Oxygen Mortgage. The New York-based tech company is looking to expand into real estate and Egeland will lead its real estate division. Originally, the two companies planned to partner up on a joint venture, however, after some discussion an acquisition made more sense, they said.
Readmore here .
JZZ Technologies, a small publicly traded technology company, is in the process of acquiring Colorado-based Oxygen Mortgage. The deal closes in 60 days and the price tag for the acquisition is a "low seven-figure number," according to Robert Egeland, CEO of Oxygen Mortgage. The New York-based tech company is looking to expand into real estate and Egeland will lead its real estate division. Originally, the two companies planned to partner up on a joint venture, however, after some discussion an acquisition made more sense, they said.
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SoFi Technologies obtains Wyndham Capital Mortgage’
Date announced: April 3, 2023
San Francisco-based SoFi Technologies announced the acquisition of Wyndham Capital Mortgage. The neobank purchased the Charlotte, North Carolina-based fintech mortgage lender in an all-cash transaction. Further specifics were not disclosed. The addition of Wyndham Capital will expand the neobank's suite of mortgage products and improve its business units' economies of scale, SoFi said in a press release.
Read morehere .
San Francisco-based SoFi Technologies announced the acquisition of Wyndham Capital Mortgage. The neobank purchased the Charlotte, North Carolina-based fintech mortgage lender in an all-cash transaction. Further specifics were not disclosed. The addition of Wyndham Capital will expand the neobank's suite of mortgage products and improve its business units' economies of scale, SoFi said in a press release.
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Maxwell takes on LenderSelect Mortgage
Date announced: May 16, 2023
Mortgage fintech Maxwell announced the acquisition of LenderSelect Mortgage Group, a subsidiary of Blue Ridge Bank. The purchase grows market share for the Denver-based provider of mortgage technology to credit unions and community banks, adding LenderSelect's 180-plus business customers, located primarily in the Eastern United States, The transaction will also further growth of the Maxwell Capital secondary market trading platform.
"The acquisition of LenderSelect will combine the power of our tech-enabled solutions with the effectiveness of their secondary market solution, to expand our integrated platform to hundreds more of these financial institutions," Maxwell CEO John Paasonen said in a press release.
Current LenderSelect CEO Tracy Marks will lead the Maxwell Capital business upon deal close, holding the same chief executive officer title.
Founded in 2022, Maxwell has raised $79.4 billion in capital funding, according to Crunchbase. With the addition of LenderSelect, Maxwell will serve over 400 lenders across the country.
Mortgage fintech Maxwell announced the acquisition of LenderSelect Mortgage Group, a subsidiary of Blue Ridge Bank. The purchase grows market share for the Denver-based provider of mortgage technology to credit unions and community banks, adding LenderSelect's 180-plus business customers, located primarily in the Eastern United States, The transaction will also further growth of the Maxwell Capital secondary market trading platform.
"The acquisition of LenderSelect will combine the power of our tech-enabled solutions with the effectiveness of their secondary market solution, to expand our integrated platform to hundreds more of these financial institutions," Maxwell CEO John Paasonen said in a press release.
Current LenderSelect CEO Tracy Marks will lead the Maxwell Capital business upon deal close, holding the same chief executive officer title.
Founded in 2022, Maxwell has raised $79.4 billion in capital funding, according to Crunchbase. With the addition of LenderSelect, Maxwell will serve over 400 lenders across the country.
BROKERAGES
Prevu buys mortgage technology assets of Reali
Date announced: October 27,2022
Prevu, a technology-focused real-estate brokerage, has acquired the mortgage assets ofrecently defunct Reali , as it signals its intent to add lending services on its platform. The transaction, which closed on Oct. 14, transfers the technology and intellectual property rights previously belonging to Reali Loans, the mortgage arm of Reali. The company offered buy-before-you-sell and all-cash payment services to homeowners, but abruptly announced its closure in August, citing depressed market conditions, as well as the challenging capital-raising environment. Reali is also seeking to sell its title and escrow and power-buying assets.
"Real estate brokerage and mortgage are colliding, as there is a developing super cycle of vertically integrated offerings for consumers," said Prevu Co-Founder and Co-CEO Chase Marsh in a press release.
Readmore here.
Prevu, a technology-focused real-estate brokerage, has acquired the mortgage assets of
"Real estate brokerage and mortgage are colliding, as there is a developing super cycle of vertically integrated offerings for consumers," said Prevu Co-Founder and Co-CEO Chase Marsh in a press release.
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INSURANCE COMPANIES
Essent Group buys Incenter’s title insurance business
Date announced: February 23, 2023
Essent Group agreed to purchase the title insurance subsidiaries of Finance of America's Incenter business for $100 million.
"Title insurance is a natural complement to our MI business with relatively low and stable loss ratios historically," said Mark Casale, Essent's chairman and CEO, in a press release. "The acquisitions add a team of seasoned title professionals to Essent and provide a platform to leverage our capital position, lender network and operational expertise across an adjacent real estate sector as we continue to expand our franchise."
Readmore here .
Essent Group agreed to purchase the title insurance subsidiaries of Finance of America's Incenter business for $100 million.
"Title insurance is a natural complement to our MI business with relatively low and stable loss ratios historically," said Mark Casale, Essent's chairman and CEO, in a press release. "The acquisitions add a team of seasoned title professionals to Essent and provide a platform to leverage our capital position, lender network and operational expertise across an adjacent real estate sector as we continue to expand our franchise."
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Mutual of Omaha buys Keller Mortgage assets
Date announced: February 21, 2023
Insurance company Mutual of Omaha has purchased Keller Mortgage's assets in a deal that will allow the real-estate firm's lending unit to continue to operate and serve customers of both companies, according to a press release. Financial terms of the transaction were undisclosed. While Mutual of Omaha now owns all KM's assets, the Keller Mortgage entity itself, which has been througha series of layoffs , will be co-owned by both companies. The lending units will continue to operate alongside each other.
Readmore here .
Insurance company Mutual of Omaha has purchased Keller Mortgage's assets in a deal that will allow the real-estate firm's lending unit to continue to operate and serve customers of both companies, according to a press release. Financial terms of the transaction were undisclosed. While Mutual of Omaha now owns all KM's assets, the Keller Mortgage entity itself, which has been through
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REITS
Ellington Financial strikes deal to buy Great Ajax
Date announced:
Date announced: July 05, 2023
Ellington Financial is set to acquire fellow real estate investment trust Great Ajax for an undisclosed amount.
The proposed transaction will add a "significant portfolio of strategic assets" for Ellington, including over $1 billion of highly creditworthy first-lien residential RPL and NPL investments, Laurence Penn, Ellington's CEO, said.
Most of the RPLs and NPLs were financed through term, non-mark-to-market, non-recourse securitizations, which reduces volatility.
Readmore here .
Ellington Financial is set to acquire fellow real estate investment trust Great Ajax for an undisclosed amount.
The proposed transaction will add a "significant portfolio of strategic assets" for Ellington, including over $1 billion of highly creditworthy first-lien residential RPL and NPL investments, Laurence Penn, Ellington's CEO, said.
Most of the RPLs and NPLs were financed through term, non-mark-to-market, non-recourse securitizations, which reduces volatility.
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Terra Property Trust proposes merger with Western Asset Mortgage Capital
Date announced: June 2023
Terra Property Trust and Western Asset Mortgage Capital announced merger plans in June. The transaction was set to close in the fourth quarter of 2023.
However, since then, AG Mortgage Investment Trust has come into the fold with a competing offer to acquire WMC.
With both offers on the table, it remains to be seen what Western Asset Mortgage Capital will opt for.
Readmore here .
Terra Property Trust and Western Asset Mortgage Capital announced merger plans in June. The transaction was set to close in the fourth quarter of 2023.
However, since then, AG Mortgage Investment Trust has come into the fold with a competing offer to acquire WMC.
With both offers on the table, it remains to be seen what Western Asset Mortgage Capital will opt for.
Read
