The Blackstone Group has emerged as the “Big Kahuna” of mortgage company acquisitions this year, gobbling up – or agreeing to gobble up – at least five mortgage banking firms or a majority of their assets. To date, most of the purchases have centered on small- to medium-sized originators, except for its latest conquest: a majority stake in Stearns Holdings, LLC, parent company of Stearns Lending, the nation’s 12th largest originator. Although Blackstone is publicly traded ...
Commercial banks and thrifts reported a hefty increase in profits from their mortgage-banking operations during the second quarter of 2015, according to a new Inside Mortgage Trends analysis of call reports. The industry generated $6.09 billion in mortgage-banking income during the second quarter, a 52.2 percent improvement over the first three months of the year. It was the highest income for the banking industry since the second quarter of 2013, when ... [Includes one data chart]
The U.S. Court of Appeals for the Eighth Circuit this week affirmed rulings from lower courts, noting that the “change in terms” agreement between Lapides and the lender was unenforceable.
“The most common example is a loan program for self-employed borrowers that relies on bank statements, rather than tax returns, to determine income,” Fitch said.
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