First Horizon Home Loans, Irving, Texas, has acquired the operations of The Equity Group Financial Inc., a mortgage banking company based in Livonia, Mich., for an undisclosed amount.Jay Bobel, EGF's president and founder, will become a senior vice president at First Horizon and will focus on recruiting more mortgage sales professionals, EGF reported. Licensed in Michigan and Ohio, EGF has grown from four associates to more than 100 over the past nine years, according to the company. It can be found online at http://www.egfloans.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.
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.
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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.
March 28