The lender reported $33.3 million in net income in the third quarter this year, up from the second quarter and same period a year earlier.

The acquisition complements existing lending channels at Carrington and also adds Reliance's full servicing portfolio to its platform, the company said.

The deal will help drive development at Mortgage Cadence, which had been a unit of Accenture, and enable new integrations and automation, according to leaders.

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.

This is the second acquisition deal Old Republic has been involved in this year, after selling its title production business in January.

The reduction in force affects under 1% of Rocket's team, with the decision to streamline operations made following identifying overlapping roles post-merger.

Flagstar shareholders approved a plan to merge its holding company into the bank; Huntington tapped a new chief auditor, along with two new business leaders; First Foundation hired a new chief credit officer; and more in this week's banking news roundup.

Approximately three years after the one-time non-depository bought Roscoe (Texas) State Bank, Cornerstone Capital Bancorp agreed to purchase Peoples Bancorp.

The Cincinnati, Ohio-based bank delivered third-quarter earnings that mostly met expectations, even as it took a $200 million blow to credit.

Fathom Holdings acquired START Real Estate to expand its first-time homebuyer program, the company announced Thursday.

CEO Bill Demchak said there seemed to be "some confusion," after PNC's stock fell some 4% on Wednesday.

Fifth Third announced it plans to buy the Dallas bank in a $10.9 billion transaction.

Former Mr. Cooper CEO Jay Bray will become Rocket Mortgage's president and CEO as the $14.2 billion transaction closes in just six months after announcement.

The next Fed chair could do QE with a twist and there may be a long easing cycle that would help revive mid-sized companies, housing and commercial real estate.

In the mortgage business, Rate has the biggest upside in the Compass-Anywhere M&A as it has joint ventures with both Guaranteed Rate Affinity and Originpoint.

Radian undertook a multiyear process that resulted in the $1.7 billion purchase of Inigo, but it's exiting other businesses outside of mortgage insurance.

The deal for the Class A office building owner will be funded from Rithm's cash as well as liquidity on the balance sheets, plus possible co-investors.

The transaction combines independent mortgage companies which are based in Strongsville, Ohio (East Coast) and Folsom, California (West Coast).

The purchase of Crestline bolsters Rithm's goals to grow the asset management side of its business and comes after previous hints of an insurance-related deal.

A Tuesday night deadline has passed and some investors in certain senior notes now have a new expiration date for the closing of the tender offer and exchange.