Intercontinental Exchange (ICE) announced that it has entered into a definitive agreement to acquire Black Knight. The cash and stock transaction values Black Knight at $85 per share, or a market value of $13.1 billion. The transaction, which was unanimously approved by the boards of directors of both companies, is expected to close in the first half of 2023 following the receipt of regulatory approvals and the approval of Black Knight stockholders, as well as the satisfaction of customary closing conditions.
LoanDepot announced that its mello business unit will launch a series of digital-first secured and unsecured lending products designed to help consumers access their funds in as little as seven days. First out of the gate will be the mello HELOC, due to launch in third-quarter 2022. Mello HELOC will be a digital home equity line of credit product with a fully online application process. Consumers will be able to get a rate quote in less than five minutes and prequalification with no adverse impact to credit scores.
Advisors Mortgage Group, based in Ocean Township, New Jersey, announced the grand opening of its new branch in Ocean City, New Jersey, with Elena DeAnnuntis serving as branch manager. This is the company’s third Jersey Shore-area branch, following its locations in Linwood and Brigantine.
United Wholesale Mortgage (UWM) announced that it will be offering a new competitive pricing program, Compete & Beat. The program is aimed at matching and beating the prices of 20 of the top wholesale lenders for conventional, government and jumbo loans on primary, second and investment properties. Effective until June 30, UWM will beat select competitors on 30-, 45- or 60-day lock pricing by 1 basis point, up to a maximum of 40 basis points.
Attom Data Solutions added a new product, the Attom Rental AVM (automated valuation model). This new solution, built from the foundation of the company’s nationwide property database, provides automated rent estimates for more than 72 million single-family residences nationwide on a monthly basis. According to a statement, the company will test its rental estimates using “proven statistical techniques and by comparing to over 1 million nationwide active rental listings.”
First American Financial Corp. launched the official brand and website for the company’s venture capital arm, dubbed Parker89. Since 2019, First American’s venture capital arm has invested more than $350 million in more than 20 proptech companies, many of which have become First American’s strategic partners and customers. The arm’s new branding combines the name of C.E. Parker (the man who founded the company that became First American) with 1889, the year to which the company’s roots can be traced. The company also announced the completion of its acquisition of Mother Lode Holding Co., a California-based provider of title insurance, underwriting and escrow services for residential and commercial real estate transactions. Mother Lode has 17 operating subsidiaries throughout the U.S., including its principal subsidiary, Placer Title Co.