The Royal Bank of Canada has made plans to sell certain assets of its U.S.-based RBC Mortgage Corp. unit to New Century Financial Corp., the Irvine, Calif.-based parent company of one of the largest U.S. nonprime mortgage finance companies, and Home123 Corp., one of its wholly owned subsidiaries."Following a review of our U.S. operations, we determined that the national mortgage business was not strategic to achieving our goals," said Peter Armenio, group head, U.S. and international, for RBC Financial Group. Jonathan Threadgill, president and chief executive officer of RBC Mortgage, will be joining New Century upon the closing of the transaction, according to RBC. RBC said the cash transaction "is expected to be accretive to the company's earnings per share within the first 12 months following the close of the transaction," which is expected in the third quarter. The company did not disclose specific terms of the acquisition. Robert K. Cole, chairman and chief executive officer of New Century, said the purchase "represents less than 4%" of his company's market capitalization.
-
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
July 3 -
The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
July 3 -
The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
July 3