Industry Watch: Redwood Trust acquires Riverbend, Enact secures line of credit and more

Sprout Mortgage closed its doors, ceasing operations and terminating its workforce during a conference call.

Floify added single sign-on (SSO) functionality to its mortgage point-of-sale system. SSO utilizes a centralized authentication service where one set of login credentials can be used to access multiple systems and applications. Floify’s SSO is an optional feature that can be enabled by a company administrator. Once enabled, origination teams will find their Floify landing pages and 1003 loan application present borrowers with the option to use Google, Facebook or company-specific SSO credentials to create an account or start their application, shortening the application-to-closing time.

Redwood Trust announced that it has entered into a definitive agreement to acquire Riverbend Funding and its subsidiaries in an all-cash transaction. Following the close of the transaction, Riverbend will be integrated into Redwood’s existing business-purpose mortgage banking platform, CoreVest American Finance Lender. Riverbend has more than 50 employees and is headquartered in Portland, Oregon. Over the past 12 months, Riverbend has originated more than $1 billion in loans across 33 states.

Enact Holdings, the parent company of Enact Mortgage Insurance Corp., announced that it has entered into a five-year, $200 million senior unsecured revolving credit facility. The company may use the line of credit for working-capital needs and general corporate purposes, including capital contributions to its insurance subsidiaries. The credit facility was entered into with five banks: JPMorgan Chase, Truist, Goldman Sachs, Barclays and Citibank.

Geneva Financial announced the opening of a new location in Hoffman Estates, Illinois, led by branch manager Jonathan Gonzalez.


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