Mortgage Daily

Published On: June 13, 2005
Subprime Broker Among Recently Acquired Mortgage CosRecent mergers and corporate transactions

June 13, 2005

By COCO SALAZAR

In the latest mergers and corporate transactions, mortgage fraud prevention has been given a new name.

Following acquisitions early this year by risk solutions provider ISO, Sysdome Inc. and AppIntelligence Inc. became part of the same company. Today the merged entity announced it will operate as Interthinx.

“Our industry is increasingly focused on real-time origination and fast turnaround for underwriting as a competitive advantage,” Interthinx President Kevin Coop said in a written statement. “At the same time, the parasitic fraud schemes mutating cleverly around lenders and authorities alike threaten to siphon your hard earned profits.”

The merged unit’s mission is to “help lenders manage loan quality and discourage fraudsters’ assaults on their operations,” he added. By combining forces, the unit is now the largest aggregator of data and proprietary information on loan level fraud, Interthinx said, as well as the largest provider of third party review services.

In Pleasanton, Calif., Silverado Financial Inc. announced it acquired subprime broker Core One Mortgage Inc. and 50 percent of its title company Liberty Settlement Services in a $3 million deal.

Chicago-based Core One, which had $120 million in loan originations last year, will double the size and create a national retail platform for Silverado with offices in strategic Midwest and Eastern markets and a license to do business in Florida and South Carolina, the announcement said.

Another recently closed transaction was that of Franklin Bank Corp., which acquired First National Bank of Athens.

Athens, Texas-based First National will expand Franklin Bank’s presence in the East Texas market.

Houston-based Franklin Bank, which through its subsidiary Franklin Bank S.S.B. is engaged in mortgage banking, said the merger will expand First National’s line of financial services and products and modify the acquired company’s name to First Athens Bank.

A third recently closed transaction includes Horizon Bancorp taking Alliance Financial Corp. under its arm.

Alliance will convert to operating under the Horizon name after mid-July, when the companies’ systems and data processing conversions are in place and new signage starts being posted, the announcement said.

Horizon, which claims it offers mortgage-banking services throughout the Midwest, said the merged company will have offices throughout northern Indiana and Michigan.

In Canada, Emergis Inc. said it agreed to sell its eLending U.S. operations to Fiserv Lending Solutions for nearly $14 million in cash.

Emergis’ McLean, Va., operation connects retail mortgage lenders and brokers with borrowers, wholesale lenders, securitization agencies, courthouses, appraisers, title insurers, and other business partners for paperless loan fulfillment, closing and storage, the parent company said.

“Selling our eLending operations in the U.S. is in line with our plan to rationalize our Finance portfolio,” said Francois Cote, Emergis president and chief executive officer, in a written statement. “As a market leader in providing IT solutions to the U.S. mortgage industry, Fiserv has the resources and the market presence in the U.S. to more rapidly capitalize on the potential of the platform and make it a commercial success.”

FNB Corp. will acquire United Financial Inc. in a transaction expected to close in the fourth quarter valued at approximately $24.6 million, according to a press release by the companies.

United’s bank subsidiary, Alamance Bank, will join FNB, whose franchise family includes First National Bank and Trust Co. and Dover Mortgage Co.

FNB said the merger will strategically expand its North Carolina presence between Greensboro and Raleigh-Durham.

Up for grabs are $75 million worth of MortgageIT Holdings Inc. shares, according to MarketWatch.

The Maryland-based real estate investment trust said in an SEC filing it would use the proceeds to hold single-family ARMs it originates in its own portfolio, as well as for general corporate purposes.


Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.email: CocoSalazar@MortgageDaily.com

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