American Equity Mortgage, St. Louis, has announced the acquisition of Integrity Mortgage Corp., Columbus, Ohio, for an undisclosed amount.Integrity Mortgage will continue to operate under its current name. It was founded in 1992 by Mike Vinson, brother of American Equity's founder, Ray Vinson. Deanna Daughhetee Vinson, American Equity's chief executive officer, said Integrity Mortgage is "a perfect geographic fit for us and allows us to fill in several key markets in the Midwest." The combined entity will close loans in 20 states and have an annual loan volume of about $2.5 billion, the companies said. Integrity Mortgage can be found on the Web at http://www.integritymortgage.com.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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