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Top-5 Reverse Wholesaler Being Acquired

Knight Capital to acquire Urban Financial

March 30, 2010

By MortgageDaily.com staff


A reverse mortgage firm that recently ranked among the five biggest reverse wholesalers is being acquired by a secondary player that hopes to capture a bigger slice of revenues from origination to distribution.

Knight Capital Group Inc. announced the acquisition agreement today.

Jersey City, N.J.-based Knight says it is a global financial services firm that provides market access and trade execution services across multiple asset classes to buy- and sell-side firms.

The acquisition target is Tulsa, Okla.-based Urban Financial Group Inc. Terms of the deal, which is subject to customary closing conditions and regulatory approvals, weren't disclosed.

Urban is a privately held residential originator and "a major provider of home equity conversion mortgages." It was founded in 2003 by Chief Executive Officer Bryan W. Hendershot and employs 115 people. Urban reportedly operates branches in more than a dozen states and offers services in another dozen.

In January, Urban ranked as the fifth biggest reverse mortgage wholesaler, with 475 loan closed, according to Reverse Market Insight.

"The acquisition will provide Knight's fixed income team with a captive new issue pipeline of HECM mortgage-backed securities for institutional clients," Knight explained in the statement. "In addition, the integration of Urban Financial will allow Knight to realize a greater percentage of revenues from origination to distribution."

Weiner Brodsky Sidman Kider PC acted as an advisor to Knight in the transaction.

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