twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.


ClearPoint Capital to Be Acquired

Deal expected to close in Q1

Feb. 15, 2013

By Mortgage Daily staff


A deal has been reached for the mortgage lending business of a investment banking firm to be acquired by a fast-growing mortgage company.

Descap Mortgage Funding LLC announced in early 2011 that it had acquired ClearPoint Funding Inc. At the time, ClearPoint had a staff of a hundred people and was licensed in 12 states and Washington, D.C.

ClearPoint says it operates with "100 percent paperless systems." More than half of its production staff operate out of virtual offices across the country.

Shortly after the acquisition was completed, Descap President Mark Pappas said that one of the first priorities for Marlborough, Mass.-based ClearPoint "is a significant geographic expansion through targeted recruitment of experienced mortgage staff."

Descap was formed by parent Gleacher & Company Inc. just prior to the acquisition.

A year later, however, Gleacher disclosed that ClearPoint had begun experiencing liquidity constraints as a result of the rapid expansion strategy coupled with an unanticipated decline in purchases by the primary lender that acquires its loans -- forcing it to come up with cash to clear its warehouse lines.

"In March 2012, ClearPoint was found to be in default under certain provisions of each of its three warehouse lines of credit concerning covenants relating to liquidity, net profit/loss and certain notices for various periods from October 2011," Gleacher said at the time. "These defaults also resulted in cross-defaults by ClearPoint under each warehouse line."

In Gleacher's fourth-quarter earnings report released Friday, it noted that since facing the liquidity constraints during the first half of last year, ClearPoint has been operating near break-even levels.

Now, ClearPoint is changing hands once again.

The earnings report indicated that the New York-based investment banker reached an agreement Thursday with Ocwen Financial Corp. subsidiary Homeward Residential Inc. to acquire all of ClearPoint's assets.

The deal is expected to close during the first quarter.

While no deal terms were disclosed, the report indicated that a $5 million loss would be recognized as part of the sale.

The ClearPoint transaction is one of several deals recently negotiated or closed by Atlanta-based Ocwen.

Ocwen acquired Homeward Residential in December, while it acquired the servicing assets of Saxon Mortgage Services Inc. from Morgan Stanley in April 2012.

Ocwen Loan Servicing LLC bought Litton Loan Servicing LP from Goldman Sachs Bank in 2011 and acquired HomEq Servicing in 2010 from Barclays Bank PLC.

Ocwen expects to close on its acquisition of Genworth Financial Home Equity Access Inc. in the first quarter. In addition, Ocwen won a bid in October to acquire Residential Capital LLC's mortgage servicing and origination platform assets out of bankruptcy.

ClearPoint Funding news | Ocwen profile

next story

back to current headlines


The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.



Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders