Angel Oak posts third consecutive quarterly loss amid non-QM headwinds
The company is floating the possibility of selling a portion of its loan portfolio to free up liquidity in coming months, leaders said.
Industry News
USAlliance, Marriott Employees’ federal credit unions to join forces
USAlliance Federal Credit Union in Rye, New York, has agreed to merge with Marriott Employees' Federal Credit Union in Bethesda, Maryland, to create a nearly $3 billion-asset organization.
Fed gives final blessing to New York Community-Flagstar deal
The acquisition, which was originally expected to close at the end of last year, ultimately took more than 18 months to receive regulatory approval. It is now expected to close on Dec. 1.
PennyMac, Radian and others announce more layoffs
The firms trimming payroll include lenders, a mortgage insurance giant, an iBuyer and an online notarization software provider.
50 mortgage industry mergers and acquisitions likely this year
That amount of consolidation would be a leap from the previous three-decade high of 33 in 2018, according to Stratmor.
Real estate startup buys mortgage technology assets of Reali
New York-based broker platform Prevu currently offers buying and selling services in the Northeast, Texas and the West Coast.
Former Russell Investments CEO speaks to ‘strong sisterhood’ in banking
Michelle Seitz tells attendees at American Banker's Women in Banking NEXT awards to take advantage of the networking and mentoring available to them that she didn't have access to at the start of her own career.
A second Iowa credit union cuts staff, citing weak mortgage market
Collins Community Credit Union in Cedar Rapids, Iowa, said Monday that it laid off 38 employees, primarily in its mortgage lending division. In September, GreenState Credit Union in North Liberty, Iowa, cut 42 employees, or about 5% of its workforce.
Huntington gets a lift from recent M&A deals
The addition of investment bank Capstone Partners and the wider geographic footprint that resulted from the acquisition of TCF Financial helped drive a 58% increase in net income during the third quarter.
Bankers betting interest rates will peak in first half of 2023
Almost two-thirds of banking executives believe the U.S. will see its highest interest rates this cycle in the first half of next year. And close to 60% of executives said they are concerned the Federal Reserve is hiking rates too quickly.
Finance of America to end wholesale lending
The company previously announced it would also close its consumer-direct operations, which relied heavily on refinance activity.
F.N.B. Corp. wins regulatory green light for North Carolina bank acquisition
The Pittsburgh-based parent of First National Bank of Pennsylvania plans to close its $117 million buyout of UB Bancorp in December.
LoanDepot has cut its funding capacity by $1 billion
The company said it will prepay two securitization facilities and terminate financial arrangements including at least two involving U.S. Bank.
Taiwan bank to expand into U.S. with acquisition in California
Taichung Commercial Bank said it would pay $82.1 million to buy American Continental Bancorp in suburban Los Angeles.
Ian’s wrath slams real estate as industry weighs climate risk
Wind and storm surge damage to residential and commercial properties could reach $47 billion, according to a CoreLogic analysis.
Deal for Lakeland Bank has an issue lurking beneath the surface
The same day Provident Financial Services announced it had agreed to buy Lakeland for $1.3 billion, the seller disclosed an ongoing fair-lending investigation by the Justice Department. Provident said it has "not heard anything" that would give it pause.
Provident Financial expanding in New Jersey with $1.3 billion deal
The all-stock acquisition of Lakeland Bancorp, expected to close in the second quarter of 2023, would create a combined bank with more than $25 billion of assets.
Fifth Third launches new warehouse business for mortgage lenders
The Cincinnati bank's new division will lend to nonbanks that make or bundle together residential mortgage loans, whose businesses have slowed as higher interest rates lower appetite for refinancing. The warehouse sector has seen "fierce competition" among banks lately, one analyst wrote.
Select Portfolio Servicing agrees to buy Rushmore assets
SPS will have roughly 1.4 million mortgages in its portfolio after the transaction closes, something the two companies estimate will occur in the fourth quarter of this year.
U.S. Bancorp now expects MUFG Union deal to close later in second half of 2022
The Minneapolis-based buyer had previously said the deal would close earlier in the second half. Some of the financial benefits, which had been expected to be realized next year, won't come to fruition until 2024, executives said Monday.
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