The regional bank made the deal as part of an effort to bolster liquidity following turmoil among its peers.

The company's recent expansion into commercial servicing is part of a broader effort to build a diversified business model, according to President and CEO Mike Dubeck.

The regulator, which is seeking to halt the combination, said arguments involving constitutionality of its proceedings are "impertinent" and "immaterial."

Following sales to Mr. Cooper and The Loan Store, the wholesale giant reported originations of $891.2 million between January and March.

The Dallas-based lender will assume close to $1.1 billion of conventional mortgage servicing rights, roughly $600 million in tangible equity and $500 million in outstanding Home Point 5% senior notes.

Merger arbitrage traders were expecting hiccups in Toronto-Dominion Bank's proposed takeover of First Horizon, but they were unprepared for its cancellation.

The companies cited an inability to secure regulatory approvals after postponing multiple times a closing that had been originally expected last fall.

The hedge fund added a new small long position in the mortgage software company, according to a copy of its quarterly letter seen by Bloomberg.

The parties responded to the Federal Trade Commission's court filing that sought an injunction to halt their merger pending an internal adjudication.

Other positions are being eliminated nationwide, with just 50 to 60 people remaining to manage the company's mortgage servicing rights.

Forty mortgage professionals located in California have transitioned to the San Diego-based lender, including processors, transaction coordinators and loan officers.

A "large number of originators" from McLean Mortgage have joined the California-based lender.

With the acquisition, the Lake City, Florida-based community bank will nab a consumer-direct platform and expand its footprint in the Midwest.

Banks could be in for a long, slow trickle of bank failures and consolidation in the coming months and years, particularly if inflation persists and interest rates keep rising. A downturn in commercial real estate could add to banks' problems.

Thimble, founded in 2016, provides insurance "in minutes" to a plethora of industries including pet, beauty and cleaning services through its mobile app, website or over the phone.

The Federal Trade Commission is seeking a temporary restraining order to prevent the deal from being completed prior to its July 12 administrative hearing.

But the deal propels the four-year old buyer of its wholesale origination operation, The Loan Store, into the national spotlight.

At the beginning of March, over 40 LOs were sponsored by the lender, but as of April 6, 10 LOs remain registered with it on the Nationwide Multistate Licensing System & Registry.

The president of originations at the public company, Phil Shoemaker, will take over as CEO of the acquiring firm.

The neobank purchased the fintech lender in an all-cash offer, but did not disclose the price tag.