“Mortgage originators are looking at record earnings for the first quarter,” said Chuck Klein, managing director of Mortgage Banking Solutions, Austin, TX, a consulting firm engaged in warehouse reviews and M&A activity.
Justice Kavanaugh stuck mostly to his already-established views: The for-cause removal provision is unconstitutional, and should be severed from the statute. Many of Kavanaugh’s questions centered on the severability of the provision.
According to industry consultant Joe Garrett, the typical residential mortgage company sale of the past few years has been an asset sale with a three-year earn-out.