Mortgage Daily Logo
mortgage news from industry experts

Subprime Broker Among Recently Acquired Mortgage Cos

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

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION