Nonbank

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.

This is the third nonbank mortgage company offering in a row to decrease its size, but the reductions were more severe than the others.

The mortgage lender will promote its brand, products and services through MLB-related television or radio ads, in addition to digital outlets.

The Financial Stability Oversight Council could determine that a broad range of mortgage companies should be subject to “heightened prudential standards,” said Andrew Olmem, a partner at Mayer Brown and a former senior economic adviser to the White House.

The expected pricing range is between $19 and $21 per share if all 14.4 million shares to be offered are sold.

The company is following in the footsteps of Michigan-based rivals Rocket Cos. and United Wholesale Mortgage.

The estimates in the Bureau of Labor Statistics latest numbers were only marginally higher than the previous month, which may reflect more deliberate hiring and a preholiday slowdown.

The number of nonbank mortgage lenders who launched IPOs or merged with SPACs took off like a rocket in the second half of the year.

The nonbank lender is co-sponsoring a $258.4 million residential mortgage pool comprised entirely of wealthy borrowers with 15-year term contracts.

Even with a slight downward revision to September’s numbers, employment in the industry remained incredibly high through October as home-loan refinancing continued to surge.

Troubled Veteran’s Administration “no-bid” loans could bankrupt servicers in the near future, says Morgan Snyder of CAllc Research Publications.

A new report from California shows that less-regulated mortgage lenders may be doing a better than banks of serving Black and Latino homebuyers. But consumer advocates say the data bolsters the case for tougher supervision of nonbanks.

Gelt Financial looks to troubled sectors, including retail, for prospective deals.

The substantial Series D fundraise fuels speculation on whether Better.com will be the next mortgage company to hop on the IPO trend.