There are currently more buyers for retail origination platforms than there are entities available for sale, according to Strategic Mortgage Finance Group. Stratmor helped advise First Priority Financial last year as the lender was being acquired by Caliber Home Loans. First Priority had more than 370 employees with branches in California, Oregon, Washington, Idaho and Iowa. Terms of the transaction weren’t disclosed. “This deal, along with several other transactions in the Stratmor pipeline, now enable...
According to one advisor: “I do think a thaw is on, but if you threw it on the grill, it would still be pretty tough because it’s not fully defrosted.”
Although Freedom is private, a few years back it launched a publicly traded REIT called Cherry Hill Mortgage Investment, which lately has been trading near its 52-week high.
Earlier this week, Flagstar closed on its purchase of the correspondent lending platform of Stearns Lending – a rare transaction where a depository was buying a key mortgage asset from a nonbank.
Caliber Home Loans, Dallas, this week agreed to buy most of Banc of California’s mortgage operations, the nonbank’s second acquisition of the past seven months, and a possible harbinger of more activity to come. Mortgage M&A consultant Chuck Klein of Mortgage Banking Solutions said his advisory firm is now involved in at least six different deals. Rick Roque of Menlo Financial predicted that by the time this deal-cycle plays out, 20 percent of nonbanks could disappear via a purchase of one sort or another. Klein recently attended...
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