CoesterVMS, a nationwide appraisal management company, has folded its tent, the apparent victim of a slowing mortgage market and other woes. As the weekend approached, the front door of the Gaithersburg, MD-based company was locked, its website down, and calls to the vendor were put on hold almost immediately.
Private equity firm Thoma Bravo this week agreed to buy mortgage software giant Ellie Mae for roughly $3.7 billion in cash, a price some believe is too expensive based on the vendor’s declining revenue base.
In a remarkable political balancing act during his confirmation hearing Thursday morning, Mark Calabria, President Trump’s nominee to head the Federal Housing Finance Agency, told Senate Banking Committee members they need not worry about his history of controversial and inflammatory remarks on FHFA and the government-sponsored enterprises.
Riverside, CA-based Provident Savings Bank this week pulled the plug on its residential mortgage banking operation, citing a “highly competitive” operating environment and “market conditions.” The unit, Provident Bank Mortgage, is a $1.0 billion a year producer.
Almost across the board, conventional and government lenders took it on the chin in terms of originations last year, but two of the largest producers of non-qualified mortgages — the Angel Oak family of companies and Citadel Servicing Corp. — excelled.
Federally regulated financial institutions must accept private flood insurance on loans secured by properties in special flood hazard areas, according to a partially approved inter-agency final rule.
The New York Department of Financial Services last week rejected Fidelity National Financial’s application to acquire control of Stewart Information Services’ NY-based title insurance company.
The share price of mortgage software giant Ellie Mae took off like a rocket early this week after rumors began swirling around the industry that the company is pondering a sale.
RSS