Nonbank

The unusually strong production numbers seen in the first quarter of this year show loanDepot is emerging as a contender in the battle for loan volume and market share amid an industry price war.

Nonbanks claimed more of the top slots based on loan volume, while the origination gains experienced by Hispanic, Black and Native American borrowers were weaker than those of other groups.

The Financial Stability Oversight Council has struggled to find its footing since its creation in Dodd-Frank. The Treasury secretary has signaled a more aggressive role for the panel, including reviving its authority to target nonbank behemoths.

The San Diego-based company produced $10.6 billion in the fourth quarter, and has done $6.1 billion in the first two months of 2021.

A cross-training strategy that hasn’t been widely used since the Great Recession is coming back into vogue among outsourcers.

The offering went down to $14 from an anticipated $19 to $21 per share.

The agreement would generate $250 million in proceeds, which the nonbank mortgage company plans to use to pay down and refinance existing debt, while also investing in its servicing and origination businesses.

Volumes should rise this year but it could become more difficult to get loans for certain property types, the Mortgage Bankers Association said.

2020’s mortgage employment numbers proved to be slightly higher than previously estimated when reconciled with the Bureau of Labor Statistics’ annual business census.

The acquiring company does business under the name Excelerate Capital and will extend that name to Castle in order to expand its footprint.