Wholesale lenders

Even as the company posted record numbers, it could have originated more loans if it had not stopped buying FHA and jumbo mortgages from brokers.

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

United Wholesale Mortgage is the third nonbank lender to complete the process of going public since the wave of announcements started last year.

Bon Salle joins Home Point as the Ann Arbor, Mich.-based nonbank mortgage lender plans to go public.

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

The deal will add wholesale production to Guaranteed Rate's retail business.

Smaller lenders should consider positioning themselves for acquisition at a time when they can be making the most money.

Earnings increased by 81% year-over-year as its gain-on-sale margins grew nearly 2.5 times.