United Financial Mortgage Corp., Oak Brook, Ill., has announced an agreement to acquire the eight prime wholesale production offices of Dallas-based AmPro Mortgage Corp. as well as AmPro's Phoenix operations center.The terms of the proposed transaction were not disclosed. UFMC said it expects the acquisition to contribute $2.4 billion to $3.0 billion in additional annual originations, which would represent a 90%-112% increase from its fiscal 2005 origination total. Steve Khoshabe, UFMC's president and chief executive officer, termed the agreement a "significant development for our company" that contributes to its "accretive acquisition" strategy. "This acquisition will give us a significant presence in states where we currently have no infrastructure, including Arizona, Colorado, and Texas, and will add scale in other markets where we currently operate, such as Florida and Georgia, and will solidify our already strong presence in California," Mr. Khoshabe said. The company can be found online at http://www.ufmc.com.
-
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
1h ago -
In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
9h ago -
Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 -
The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
March 27 -
Equity is entitled to a little over $70,000 worth of damages.
March 27