A special-purpose acquisition company is merging with a bank as its affiliated startup still lacks its own national bank charter.

The depository joins other mortgage players small and large in exiting the space amid the market's significantly reduced activity.

The deal will close for $10 million in cash, plus the right to purchase nearly 33.9 million shares of common stock.

On Nov. 29, Inlanta notified state officials it was terminating 62 employees contingent on its acquisition by a then-unnamed third party.

The $225 million deal has its roots in the creation of the mortgage technology company that currently owns the property information business.

Republican control of the U.S. House of Representatives will help advance financial services firms' priorities, with a wish list that includes curbing ambitious proposals by a top markets regulator and diminishing the clout of a popular U.S. consumer watchdog.

The latest move from the lender comes after a recent purchase of a Massachusetts brokerage and the appointment of several new leaders.

Amid scuttlebutt, the Atlanta company is mum on buyer, which is rumored to be CrossCountry Mortgage.

Although mortgage lending has been under pressure due to rising rates, executives said they've seen "consistent demand or even increasing demand from a depository perspective."

The acquisition, which was originally expected to close at the end of last year, ultimately took more than 18 months to receive regulatory approval. It is now expected to close on Dec. 1.

The lender reported a 24% drop in volume quarter-over-quarter but said it compared favorably to the average 29% decline projected by the Mortgage Bankers Association.

Leaders of its parent company touted the success of subscription models and also made a case for its proposed merger with Black Knight in an earnings call

Servicing numbers propelled the REIT to the positive third-quarter result, while the company also announced it had acquired a stake in a commercial real estate investment firm.

That amount of consolidation would be a leap from the previous three-decade high of 33 in 2018, according to Stratmor.

The $93 million deal comes one year after Cavco, a manufactured housing construction company itself, completed the purchase of another builder, The Commodore Corp.

New York-based broker platform Prevu currently offers buying and selling services in the Northeast, Texas and the West Coast.

Eighteen months after the $2.6 billion deal was announced — and five days before the Oct. 31 deadline — New York Community is still waiting for regulatory approval to buy the Michigan bank. On their joint earnings call, the companies wouldn't say where the deal stands.

The transaction allows for portfolio defense as well as supporting Marlin's move into Ginnie Mae servicing.

And a trio of large publicly traded nonbank lenders looking to defend market share may consider buying those mid-sized brethren, a Keefe, Bruyette & Woods report said.

While intercompany relationships are established in any environment, activity seems to pick up when business declines.