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Banks Among Firms Acquiring Mortgage Bankers

Recent mortgage company mergers and acquisitions

Dec. 13, 2017

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

Several mortgage banking firms are being acquired, including two that are being picked up by banks. Two smaller Louisiana firms are merging, while a significant player is being purchased by another.

Shellpoint Partners LLC has agreed to be acquired by New Residential Investment Corp. for $190 million, a Nov. 29 statement said.

The acquisition of New York-based Shellpoint is expected to be completed in the first-half of next year. The deal is subject to settlements on mortgage servicing rights on approximately $8 billion in government-sponsored enterprise loans.

Shellpoint, the parent of New Penn Financial LLC, reports a $50 billion servicing portfolio and annual originations of roughly $6.6 billion. New Penn President and Chief Executive Officer Jerry Schiano apparently prepared for such a sale with the May 2016 founding of Spring EQ -- a home-equity lender.

The Capital Corps LLC was launched on Nov. 3, a news release said. The Irvine, California-based company seeks to meaningfully expand access to capital to the over $100 billion non-traditional prime borrowers not being adequately serviced by banks.

"The Capital Corps will serve non-traditional prime borrowers by returning to more traditional methods of underwriting residential real estate focusing on the 5-C's of credit -- including a borrower's character," the statement said. "In its credit decisions, The Capital Corps will place special emphasis on the borrower's character as opposed to narrow service-bureau-driven credit analytics deployed by banks during the recent credit crisis."

Ten days later, The Capital Corps disclosed a strategic investment in San Ramon, California-based Commerce Home Mortgage. That announcement projected that The Capital Corps' investment is expected to push its annual originations past $2 billion next year.

Columbia, South Carolina-based Homeowners Mortgage has been acquired by Towne Mortgage Co., a press release last month stated. Homeowners will add around $0.24 billion to Towne's $1 billion in annual originations.

Englewood Mortgage Co. was recently acquired by Denver-based First Western Trust, according to a news release. Greenwood, Colorado-based Englewood was established in 1987 and has 41 employees.

In Wayzata, Minnesota, TCF National Bank recently announced a definitive agreement to acquire Rubicon Mortgage Advisors LLC. The purchase of the 34-employee firm, which was founded in 2006, is expected to close by the end of this month. Terms of the transaction were not disclosed.

A Dec. 8 statement said that Pineville, Louisiana-based Public Service Mortgage Inc. and Alexandria, Louisiana-based Prestige Mortgage Lending LLC have agreed to merge operations. The combined company will operate from Pineville as Endurance Mortgage. The merger is expected to be completed early next year.

Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Prior to his news career he worked in mortgage lending for two decades.

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