Onity Group has entered into a letter of intent with Waterfall Asset Management to acquire the reverse mortgage assets of Mortgage Assets Management, a subsidiary of investment funds managed by Waterfall. The transaction would include a reverse mortgage servicing portfolio, currently subserviced by PHH Mortgage, with a projected unpaid principal balance of approximately $3 billion. Onity intends to issue $51.7 million in stock to Waterfall in consideration of the acquisition. The deal is expected to close in the second half of 2024.
Mr. Cooper has priced an offering of $750 million in senior notes by subsidiary Nationstar Mortgage Holdings. The notes, which will bear interest at 6.5% per annum (payable semiannually on Feb. 1 and Aug. 1 beginning next year), will mature on Aug. 1, 2029. The offering is expected to close on or around Aug. 1; net proceeds of the offering are expected to be used to repay a portion of the amounts outstanding under Mr. Cooper’s MSR facilities. The offering comes days after Mr. Cooper announced the acquisition of Flagstar Bank’s mortgage servicing operation for $1.4 billion.
Motto Mortgage has a new office in Fargo, North Dakota, now serving all markets throughout the state. The office was established by Jared Blankenship and Robert Leslie, with Blankenship serving as senior mortgage loan originator.
CoreLogic has announced the expansion of its AutomatIQ Borrower platform to include detailed asset and liabilities analysis. According to CoreLogic, the combined features of income, assets and liabilities analysis in the platform provides lenders with accelerated processing times, enhanced transparency and the ability to identify missing documents while flagging potential new income sources or missing liabilities, leading to a more informed decision-making process.
Halcyon has announced that it is now an authorized tax transcript report supplier for the Fannie Mae’s Desktop Underwriter validation service.
Flueid, which specializes in verification of title (VOT) services for residential real estate deals, has announced the launch of its integrated VOT solution for purchase transactions. The product optimizes the title search and exam process and makes title insights accessible to real estate agents as early as the listing agreement.
Consolidated Analytics, a provider of comprehensive mortgage services and data analytics, has announced the acquisition of the assets of Investor Claim Solutions (ICS), a firm specializing in investor claims solutions and loss analysis recovery.
