Cleveland-based KeyCorp has agreed to acquire Malone Mortgage Co., Dallas, which it says will expand its ability to provide Federal Housing Administration financing to commercial real estate developers.The terms of the transaction were not disclosed. Malone Mortgage originates, underwriters, and services multifamily FHA loans nationwide for new construction, acquisition, and the refinancing of existing facilities, KeyCorp said. The company said its commercial real estate line of business, KeyBank Real Estate Capital, boasts nearly $19 billion in annual financings and ranks in the top 10 FHA servicers in the United States. Malone Mortgage's annual financings total about $200 million, and its commercial mortgage loan servicing portfolio stands at approximately $1.2 billion, KeyCorp reported. The company can be found online at http://www.key.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
4h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
8h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
11h ago -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24