Commercial real estate (CRE) banker Adam Mortanian and real estate attorney Tyler Shegerian have co-founded Pact Capital, a new Los Angeles-based CRE mortgage banking firm. Pact will provide capital market services for the multifamily, commercial and agricultural sectors and manages a private mortgage debt fund focused on commercial and agriculture bridge lending in California.
Embrace Home Loans is opening a new retail branch office in Newport, Rhode Island. Dawn Ryan will head the new office as branch manager.
Cornerstone Home Lending has announced that it has signed a definitive agreement to acquire The Roscoe State Bank of Roscoe, Texas. The two family-owned companies will combine to create an organization holding approximately $2 billion in assets and more than $300 million in equity capital. Financial terms were not disclosed.
NFM Lending has opened of a branch in Colorado Springs, Colorado, located at 1150 Kelly Johnson Boulevard, Suite 150. It will be led by branch managers Richard Dillman and Kevin Bent.
Angel Oak Mortgage has announced the pricing of its initial public offering (IPO) of 7,200,000 shares of its common stock at $19 per share. Shares of Angel Oak’s common stock are now trading on the New York Stock Exchange under the symbol “AOMR,” with the offering is expected to close on June 21. The company has granted the underwriters a 30-day option to purchase up to an additional 1,080,000 shares of its common stock. In addition, concurrently with the completion of the offering, Angel Oak will also sell 2,105,263 shares of its common stock to CPPIB Credit Investments Inc. in a separate private placement at $19 per share.
Ocwen Financial Corporation has announced that its wholly-owned subsidiary, PHH Mortgage Corporation, has entered into an agreement with Reverse Mortgage Solutions (RMS) and its parent, Mortgage Assets Management (MAM), to acquire substantially all of the operations, assets and employees of the RMS reverse mortgage servicing platform. Ocwen will also acquire all of the outstanding equity interests in the RMS real estate-owned business, REO Management Solutions (REO). Under the terms of the agreement, subservicing contracts for the reverse residential mortgages currently subserviced by RMS would be assigned to PHH. As of March 31, 2021, RMS serviced approximately 35,000 reverse mortgages, with approximately $7.8 billion in unpaid principal balance. As part of the transaction, PHH expects to assume the vast majority of RMS reverse servicing and REO employees. PHH will become the subservicer under a five-year subservicing agreement for reverse mortgages owned by RMS and MAM. The aggregate purchase price is estimated to be approximately $12.4 million, with the deal expected to close in the third quarter of 2021.