Capital One Financial Corp., McLean, Va., is buying North Fork Bancorporation in a cash and stock transaction valued at $14.6 billion.Under the agreement, North Fork shareholders will receive $31.18 per share, which represents a 22.8% premium over the closing price of North Fork shares on March 10. The combined company will have a managed loan portfolio of more than $143 billion and more than 50 million customers. GreenPoint Mortgage Funding, a subsidiary of North Fork, was the 20th-largest originator of home loans through the first nine months of last year, with funding volume of $32.9 billion in that period.
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Higher costs than expected, not just for the mortgage but for repairs and more, have recent buyers' regretting their purchase, Clever RE and Redfin found in separate reports.
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New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
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.
March 28