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Red Fortress Property Management Company – The second year of the epidemic is a special year for mergers and acquisitions and investments between mortgage and related companies.
Below are some of the most notable transactions during 2021, including a few that came out differently than some of the originally planned segments.
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Guaranteed Rate purchased Stearns Holdings from the Blackstone Group; In a move that helped the Chicago company expand its business ventures. The transaction also moved guaranteed rates into the brokerage/wholesale business.
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No details of the deal were disclosed except that Blackstone received a stake in the guaranteed rate.
Social Capital has agreed to merge with a special purpose company to purchase Social Capital Hedosophia Holdings Corp. V, the deal valued the online lender at $8.7 billion.
“We want to invest heavily in acquisitions and new growth vehicles,” CEO Anthony Noto said at the time.
Universal credit reporting provider CIS has moved into the appraisal technology side of mortgage originations with the acquisition of SharperLending.
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SharperLending’s core offering is Appraisal Firewall, but it also markets the XpertOnline credit reporting system, and EPN loan settlement technology.
The deal is the third acquisition by UniversalCIS since August 2020; As CIS Credit Solutions it merged with credit reporting service provider, Advantus and then acquired Universal Credit Solutions. But the company did not complete the transaction.
United Wholesale Mortgage went public after it completed a transaction with Gores Holdings IV. It was one of the early offerings in what became the SPAC craze.
In connection with the closing of the merger, UWM received approximately $925 million in gross proceeds. The money consisted of approximately $425 million in cash from Gores Holdings IV, as well as $500 million in proceeds from a previously announced private offering.
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UWM CEO Mat Ishbia would later try to monetize some of his 94% stake, but negative reactions from stock market investors put the kibosh on that.
Los Angeles-based PacWest Bancorp has acquired a business that provides loans to residential real estate investors, Citizens Financial Services. The company did not disclose the price it paid.
Civic, founded in 2014, has loaned more than $4.4 billion to real estate investors. stocks, including $1 billion in 2020.
The traditional and non-QM lender has rebranded Castle to the name it does business under, Excelerate Capital, to expand its footprint.
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Excelerate is based in Newport Beach, Calif., with branches in Hawaii and Arizona. Licensed in eight states, it provides loans through retail and wholesale channels. Castle is headquartered in San Diego and has branches in Arizona and Nevada. It is licensed in Washington, D.C. And all but four states: Alaska, Massachusetts, Montana and New York.
CoreLogic agreed to be acquired by private equity firms Stone Point Capital and Insight Partners to buy the company for $80 per share, or $6 billion.
It appears to end the chase that began last June with a hostile takeover bid of $65 per share from Senator Investments and Cannae Holdings.
But losing bidder CoStar Group, which offered a competing bid of $6.7 billion, won’t go away quietly.
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Western Alliance Bancorp agreed to pay $1 billion to Aris Mortgage Holding, the parent company of AmeriHome Mortgage.
AmeriHome filed to go public on Oct. 1, with prices expected to go up on Oct. 28, but it has delayed its IPO due to market volatility.
AmeriHome’s correspondent lending model “diversifies Western Alliance’s current commercial-focused distribution of income to provide a more balanced business mix,” said Ken Vecchione, the bank’s president and CEO. “This creates a meaningful increase in non-interest income.”
With the acquisition of Cross Media, owner of customer relationship management tool Unify, real estate software provider Propertybase joins a number of companies that have completed mergers and acquisitions with the goal of becoming a one-stop shop for housing-related needs.
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While Unify is used by approximately 80 companies, Propertybase’s lead generation, CRM, compliance management and other software tools are used by 4,500 real estate entities.
CoStar Group, which previously offered $6.7 billion for all of CoreLogic’s stock, is trying to sweeten the pot by offering part of the offer in cash.
But three days later, CoreLogic responded, saying it would only consider the offer, now valued at $7.25 billion, if CoStar increased its share of the cash it was willing to pay.
On March 4, it all came to an end as CoStar decided to withdraw the offer, no doubt influencing investors who had priced out its stock over the past two weeks.
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Doma, formerly known as State Title, has agreed to merge with Capitol Investment Corp. V, in a deal worth 3 billion dollars. The transaction will generate $645 million in revenue, including $300 million from private investment in public capital.
Proceeds from the deal will be used to expand into adjacent businesses such as appraisals and home insurance, as well as the possibility of purchasing other units.
Mr. Cooper began shedding parts of his Xome business, with the first domino being the sale of Title365 to Blend in a $500 million deal.
“We determined that Title365 would receive greater investor credit as part of a company like Blend, where it would have significant strategic impact,” said Jay Bray, president and CEO of Cooper Group, in a news release.
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“I was able to bring together some of the best performing small businesses in the industry to create a number one credit,” said UniversalCIS President Perry Steiner. “In doing so, I have no outside investors. We believe there is an opportunity to continue to consolidate our market and most importantly, add technological solutions to the market.”
Black Knight staked its space in the mortgage wholesale channel with the purchase of its loan origination system for mortgage brokers from NexSpring Financial, a mortgage broker co-founded by Rick Thornberry, now CEO of Radian.
The acquired LOS will be rebranded in the near future, the company said. It will be a stand-alone platform, although there will be integrations for wholesale lenders using Black Knight’s existing Empower LOS products. Terms of the deal were not disclosed.
Instead, it went to Plan B, which included an initial public offering for a minority stake in its U.S. mortgage insurance subsidiary, which would be renamed Enact Holdings.
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Real estate investment trust New Residential agrees to buy Caliber Home Loans for $1.67 billion. The deal took two potential IPOs off the table.
Caliber is on the verge of repricing its stock but has to hold it for about the same time and for the same reasons that AmeriHome did.
This transaction also killed the IPO for NewRez, the origination of new housing and services business. The REIT went so far as to file a confidential registration statement during 2020. But after the Caliber announcement, NewRez’s chairman, CEO and chairman Michael Nierenberg, said there was currently no “urgent” to take NewRez public.
Community Bank of New York, primarily a multifamily lender formerly in the housing business, has agreed to buy Flagstar Bank, a major owner of single-family loans and warehouses, in a $2.6 billion deal.
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The loans in the mortgage portfolio, as well as the residential loans on Flagstar’s balance sheet, will reduce NYCB’s concentration in multifamily to 56% of its total loan portfolio.
American Finance, which completed its merger with Replay Acquisition to go public on April 5, then went out and bought the San Francisco-based wholesale business of Parkside Lending.
FOA agreed to pay about $40 million, but did not disclose the components of the compensation, including whether it would include any stock.
Overall, this is the 17th acquisition for the Irving, Texas-headquartered company since it was founded in 2013. In March, FOA acquired Renovate America’s Benji Finance Product, which will be used in a new vertical, Finance of America Home Improvement.
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Veritex, worth $9.2 billion, said in a statement that it would pay $53.9 million in cash for a 49 percent stake in Thrive. The deal is expected to close in mid-2021.
Thrive operates in several states, including Texas, Ohio, Colorado, Kentucky, North Carolina, Kansas, Virginia, Florida, Maryland and Indiana.
Better.com, which raised $500 million from Softbank in April, agreed with SPAC Aurora Acquisition in a deal valued at $6.9 billion (with a post-merger value of $7.7 billion).
Softbank agreed to pump another $1.5 billion into Better.com when the deal closes, which the parties said at the time should happen in the fourth quarter.
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“This transaction provides investment capital to accelerate Better’s growth and supports our mission to make homeownership simpler, faster, more affordable and more accessible for all Americans, and ultimately others,” founder and CEO Vishal Garg said at the time.
Guild Holdings announced an agreement to acquire Residential Mortgage Services, a move designed to expand the mortgage lender’s national retail footprint.
With Guild’s acquisition activity on the rise, the timing was right for the $196.7 million purchase of the Portland, Maine-based lender, which shares a similar profile to Guild in that it is weighted toward acquisitions in the retail channel.
“In essence, we’re doubling down on the buy-to-let market, which we believe will drive consistent revenue and more attractive margins throughout the interest rate cycle,” said Terry Schmidt, president of Guild Holdings. In the company’s earnings call. RMS is the Guild’s seventh acquisition since 2008.
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