While some mortgage acquisitions have recently closed, one fell through just hours before it was supposed to be consummated. One company that was set to close down is back in business.
Back in April,
Flagstar Bancorp Inc. disclosed that it agreed to acquire assets of Opes Advisors Inc., a Cupertino, California-based company with $3 billion in annual originations.
On May 15, Troy, Michigan-based Flagstar announced that it has completed the acquisition, expanding its retail origination business and significantly increasing its access to purchase-money business.
“This transaction is good news for both companies,” Flagstar President and Chief Executive Officer Alessandro P. DiNello said in the statement. “Opes Advisors now has the backing of a well-capitalized bank that can help expand its successful business model to the entire country. And Flagstar now has a national retail origination platform and wealth management business that will provide best in-class service to our customers.”
A July 18 announcement from Draper, Utah-based Academy Mortgage Corp. indicated that it was acquiring First Mortgage Co.
The acquisition, which was supposed to close on Aug. 1, included Cunningham & Company Mortgage Bankers, the name First Mortgage operates under in three other states.
Oklahoma City-based First Mortgage was reportedly founded in 1953 and operated 74 branches in the mid-section of the country. Academy Mortgage reports more than 260 branches and a staff of 2,500.
“By joining forces with First Mortgage, we will be able to accelerate our opportunities for growth and, most importantly, our opportunities for each individual to push forward our vision to inspire hope, deliver dreams and build prosperity,” Academy Mortgage CEO Adam Kessler said in the statement. “The union of our companies, cultures and people will position us individually and collectively to make a difference in the lives of our borrowers, referral partners and communities in ways that may not have been possible prior.”
But the deal fell apart just hours before the sale was set to take place, an Aug. 8 article from Inside Mortgage Finance indicated. Academy reportedly backed out due a lawsuit filed in U.S. District Court for the Southern District of New York by warehouse lender CapLoc against First Mortgage.
In Cranbury, New Jersey, 1ST Constitution Bancorp announced that it launched
Momentum Mortgage, a digital mortgage platform for customers seeking to finance a home purchase or refinance an existing mortgage. The platform enables digital uploading of documents by prospective borrowers and communication with loan originators.
“With Momentum Mortgage, 1ST Constitution Bank becomes one of a handful of banks in New Jersey and around the country in adopting a digital mortgage platform,” the statement said.
Bayview Asset Management LLC has reached an agreement to acquire
Pingora Holdings LP from Annaly Capital Management Inc., a July 10 statement said. Pingora operates as a specialized asset manager that invests in mortgage servicing rights on new production and services residential loans. The transaction is expected to close in the third quarter.
In June, Mortgage Daily reported that Sindeo Inc. was closing down. An online message at the time from Sindeo
CEO Nick Stamos indicated the San Francisco-based firm was being wound down and suggested that heavy mortgage regulation played a role.
But Sindeo is apparently back in business, and its regular website is up and running again.
A story from Inman indicated that one of its investors has acquired the firm.
Ventana Home Mortgage LLC was recently formed by
Window Rock Capital Partners LLC, a recent news release stated. Ventana acquired contractual rights previously used in connection with the residential mortgage conduit operated by WinWater Home Mortgage LLC.
