Cardinal Communications Inc., Broomfield, Colo., a digital communications provider and specialized developer of residential real estate, has announced an independent mortgage broker affiliation between its Lighthouse Lending mortgage division and Union Colony Bank of Greeley.Lighthouse Lending will lease space initially in four Union Colony branches, where it will operate as an independent broker, and may expand into four additional branches later, Cardinal Communications said. "The opening of these locations will create numerous opportunities for Lighthouse Lending to expand our client base," said Tom Beck, managing partner of Lighthouse Lending. "We anticipate that our volume will grow by 20% over the next 12 months." The parent company can be found online at http://www.cardinalcomms.com.
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The Arkansas-based company spent nearly four years on the M&A sidelines, grappling with asset quality issues and litigation tied to its 2022 acquisition of Texas-based Happy State Bank. Now it's signed a letter of intent to buy an unnamed bank.
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The company cited efforts to improve profitability behind its decision, with Popular joining a line of other banks in ending mortgage operations in 2025.
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The mortgage unit of Hilltop Holdings lost $7.2 million pretax in the third quarter with lower volume, following making a small profit three months prior.
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FHA loans accounted for about half of the annual rise in foreclosure starts and 80% of the rise in active foreclosures in September, according to ICE.
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The Federal Reserve Friday issued a set of proposed changes to its stress testing program for the largest banks that would disclose the central bank's back-end stress testing models, a move that the Fed had long opposed out of fear of making the tests easier for banks to pass.
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Robert Hartheimer's arrest comes at a time when the bank is trying to recover from a consent order and the Synapse mess.
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