Latest Mortgage Graveyard Headlines

Annual Activity

Ocwen Acquisition of PHH On Verge of Close
Ocwen Financial Corp. is on the verge of closing on its acquisition of ailing PHH Mortgage Corp. Regulatory approval of the transaction specifies the type of servicing platform Ocwen can use.

St. Louis Mortgage Firm Goes Bust
A residential lender out of St. Louis that was at the center of a bitter divorce has ended operations and could be forced out of receivership.

Mortgage Originations Soar at Lake Michigan CU
In Lake Michigan Credit Union’s mortgage business, loan production leapt, the servicing portfolio continued to grow, and the number people on the payroll expanded.

Record Guild Mortgage Originations
Home lending increased at Guild Mortgage Co. to the highest level ever. Meanwhile, the size of the national staff and the residential loan servicing portfolio both increased.

Gateway Mortgage Group Acquiring Bank
A small bank in Oklahoma is being acquired by a mid-sized mortgage banker in the same state. After the deal is done, the lender will become a subsidiary of the financial institution.

Zillow Acquiring $1 Billion Mortgage Originator
A company that originates in the range of $1 billion annually is being acquired by Zillow Group Inc. The deal is expected to create opportunities with real estate brokers.

Former Lehman Unit Fined for Fraud
The former mortgage servicing subsidiary of Lehman Brothers Holdings Inc. has been fined for allegedly enabling fraudulent loans to make it through the system.

Flagstar’s Home Lending Jumps, Servicing Grows
Home-lending volume jumped at Flagstar Bancorp Inc., and it’s likely a further ascension is ahead. Also increasing were headcount, servicing and commercial mortgages. But mortgage revenues were off from a year earlier.

Major Mortgage Mergers & Acquisitions Activity
This year has been busy for mergers and acquisitions in the mortgage industry. Some major and minor players have sold stakes in their business, while other prominent players are selling entirely.