Arcapita Group Holdings announced the acquisition of a significant controlling interest in Nationwide Property and Appraisal Services, the second-largest independent appraisal management company in the U.S. Nationwide serves mortgage lending institutions across all 50 states from funds associated with lower middle-market private equity firm Corridor Capital. Corridor will now partner with Arcapita and Nationwide while retaining an ownership stake in Nationwide.
ConsumerDirect Mortgage announced that it will officially change its name to Real Genius. The rebrand, according to a statement from the company, “will better align the company brand with its industry-leading technology that makes the mortgage process easier and more economical for consumers.” Real Genius was founded in 2012 and acquired by FirstBank one year later. It has operated as a division of FirstBank since then.
United Wholesale Mortgage (UWM) filed a lawsuit against America’s Moneyline, alleging that the California mortgage brokerage owes UWM $2.8 million after repeated policy violations. UWM instituted a policy last year to cut off business with brokerages that also do business with Rocket Mortgage or Fairway Independent Mortgage. Brokerages that continue to do business with UWM sign a broker agreement stating that working with Rocket or Fairway violates the terms of partnership with UWM. A statement from UWM accuses America’s Moneyline of “knowingly and purposefully [breaching] that agreement” and called the actions of America’s Moneyline “egregious.”
