Mid America Mortgage announced that it is changing its company name to Click n’ Close following the sale of the majority of its retail lending operations to Houston-based Legend Lending. The newly rebranded company will retain retail operations related to its reverse mortgage and Native American lending business while focusing on delivering downpayment assistance and adjustable-rate mortgage products through its third-party originator channels. Click n’ Close also plans to enter the mortgage technology space with several new products. According to a statement, some of its initial offerings were developed as proprietary, in-house technology under the Mid America Mortgage brand and will now be made available to the entire industry.
Sales Boomerang and Mortgage Coach announced a merger and the appointment of Richard Harris as CEO. The two mortgage-focused fintechs have been working toward the merger since LLR Partners’ investment in the firms, which was announced in January 2022. Alex Kutsishin and Dave Savage, the respective founders of Sales Boomerang and Mortgage Coach, will remain with the new company in leadership roles.
Kiavi announced that it has closed a $218 million revolving securitization of unrated residential transition loans (RTLs). This is the ninth broadly syndicated securitization transaction sponsored by Kiavi under its LHOME shelf since it began its sponsored revolver securitization program in 2019. The transaction is estimated to provide capital to support about $750 million in loan originations over the life of the deal. The deal includes a two-year revolving period during which principal payoffs can be reinvested in purchasing additional newly originated loans.
Geneva Financial announced the opening of a new branch in Rockland, Massachusetts, led by manager Patrick Queally.
First Guaranty Mortgage Corp. filed for chapter 11 bankruptcy protection, a few days after laying off the majority of its workforce in an online meeting.