Paragon Financial Corp., Ponte Vedra Beach, Fla., has announced an agreement to acquire Shearson Home Loans Inc. from Consumer Direct of America Inc.Under the agreement, Paragon will issue to Consumer Direct the equivalent of four shares of Paragon's common stock for each outstanding Paragon share and share equivalent. Paragon said Shearson, a consolidator of independent mortgages brokerages, employs over 300 people and had a closed-loan volume of $1.1 billion in 2004. "We view Shearson as an ideal partner in our quest to consolidate the mortgage brokerage industry," said Paul Danner, Paragon's chief executive officer. Paragon can be found online at http://www.pgnf.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
2h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
6h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
9h 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.
10h ago -
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.
11h ago -
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