Mortgage lenders Fifth Third Bancorp, Cincinnati, and R&G Financial Corp., San Juan, Puerto Rico, have signed an agreement under which Fifth Third will acquire the Puerto Rican company's R-G Crown Bank, which operates 30 branches in Florida and three in Augusta, Georgia.The combination strengthens Fifth Third's presence in the Florida markets of greater Orlando and Tampa Bay and expands its footprint into the Jacksonville, Fla., and Augusta, Ga., markets. Under the agreement, Fifth Third would pay $288 million to R-G Financial for Crown and assume $50 million of trust preferred securities. Rolando Rodriguez, CEO of R&G Financial, said the transaction "reflects the company's determination to concentrate its operations and core competencies in Puerto Rico. Second, and just as significant, the completion of the transaction will improve the RGF's overall liquidity and capital position."
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18 -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
April 18 -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18