CFI To Sell Conforming Sub

Published August 25, 1998, 1:00 p.m. EDT

1 Min Read

CFI Mortgage Inc., West Palm Beach, Fla., has agreed to sell its conforming retail originations subsidiary, Bankers Direct Mortgage Corp., to Inverrary Trace Inc. for book value plus a premium of $1 million.Inverrary Trace will pay $1.5 million in cash and the rest in a note. It has already made a good faith cash deposit of $150,000. CFI will now focus strictly on the subprime business through its Direct Mortgage Partners subsidiary. DMP is developing a subprime servicing platform and an Internet loan application delivery system.

Processing Content

For reprint and licensing requests for this article, click here.

MORE FROM NATIONAL MORTGAGE NEWS

Economy

Rate-hike odds rise, a warning sign for lenders

Over one-third of the Wolters Kluwer survey participants believe the next Fed move will be to boost short-term rates, but most expect one cut next year.

By Brad Finkelstein
Originations Editor

July 10
REALTORS & HOMEBUILDERS

Remodel financing gap signals opportunity for lenders

The National Association of Home Builders Remodeling Market Index for the second quarter posted a reading of 61, a one-point decline from the first quarter.

By Colin McNamara
Reporter

July 10
Credit

MBA findings add pressure on tri-merge status quo

The new Mortgage Bankers Association research adds to debate over whether Fannie Mae and Freddie Mac should allow a less costly alternative to the tri-merge.

By Bonnie Sinnock
Capital Markets Editor

July 10
Homebuilders

Where home construction is rising — and falling

Wide regional variances appeared in housing-start activity in 2025, when the traditional leading builder markets all saw numbers decline by as much as 15%.

By Spencer Lee
Technology Reporter

July 10
Housing

Trump says he won't sign housing bill

The bill, which passed with wide bipartisan support, will become law at midnight if President Donald Trump doesn't veto it.

By Claire Williams
Reporter

July 10
FHA

FHA volume slows as delinquencies show signs of easing

Total application volume fell by over 13.000 units on a month-to-month basis, with declines in purchase and refinance activity, Keefe, Bruyette & Woods said.

By Brad Finkelstein
Originations Editor

July 10

Load More