When the news broke about Stonegate this past summer, FBR issued a note to its clients saying that, “We expect the company has two options: hire a replacement CEO quickly, or sell the business altogether.”
On the conventional product, the loans have an average age of 23 months and delinquencies in the 3.0 percent range. Almost 80 percent of the loans are in California.
Some have suggested that it’s no wonder that several mortgage company owners – including those who control specialty servicers – are contemplating selling their companies.
With loan quality and real estate values continuing their rapid improvement over the past two years, the market value of “high-touch” servicers continues to head south and a handful of such firms are pondering sales. According to advisors that ply their trade in the mergers and acquisitions circuit, at the top of the “for sale” list is the IBM-owned Seterus, which at one point had at least $40 billion in problem Fannie Mae-related loans on its system. But will IBM – which also has its hands in the origination technology arena – finally pull...
David Lykken, managing partner of Transformational Mortgage Solutions, said he welcomes PIMCO’s investment, believing that it’s a huge positive for the industry.
The congressman said the decision to sell thousands of loans at a time at sharp discounts to the highest bidder “continues to enrich Wall Street at the expense of neighborhoods and community-based organizations.”
Rushmore is licensed in all 50 states, Washington DC, and Puerto Rico. It has offices in Irvine, Dallas and San Juan, PR, where it services roughly $1 billion in assets...
RSS