In the Money

TCF Bank buying Rubicon Mortgage Advisors

Lender operates in Minnesota, North Dakota, California, others
TCF National Bank, a Minnesota-based depository, announced this week that it will acquire Rubicon Mortgage Advisors, a mortgage lender with offices in Minnesota and North Dakota and licenses to operate in South Dakota, Wisconsin, Colorado, and California. The companies say the deal is a win-win. Here's why.
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Fitch, Moody’s bullish on massive Lennar-CalAtlantic merger

Both cite combined company’s size as significant benefit
On Monday, Lennar and CalAtlantic Group announced a deal that will see Lennar acquire CalAtlantic in a deal valued at approximately $9.3 billion. The deal will create the nation’s largest homebuilder. Both Fitch Ratings and Moody's Investors Service are bullish on the deal. Here's why.
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Lennar merger will create nation’s largest homebuilder

Deal with CalAtlantic makes company top 3 builder in 24 of 30 largest markets
It’s turning out to be a year of significant growth for Lennar. Earlier this year, the homebuilder closed on a $643 million acquisition of WCI Communities, a luxury homebuilder headquartered in Florida. But that deal pales in comparison to Lennar’s latest deal.
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RBS will pay $44 million for cheating customers in mortgage bond trading

Will pay $35 million penalty, $9 million in restitution to victim customers
RBS Securities agreed to pay $44 million as part of a non-prosecution agreement covering allegations that the company’s mortgage-backed securities trading group defrauded its customers out of millions of dollars by lying about mortgage bond trades, the Department of Justice and the Special Inspector General for the Troubled Asset Relief Program announced Thursday.
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Amherst Holdings boosts single-family rental portfolio in $153.4 million deal

Acquires 1,523 properties from Tricon American Homes
Amherst Holdings, which has recently been selling single-family rental homes out of its portfolio to Altisource Residential, announced this week that its single-family residential platform completed an acquisition of rental properties that pushes its total portfolio to approximately 16,000 homes.
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Ocwen considers selling more pieces of lending business

Discloses that it may exit reverse mortgage lending
When 2017 began, Ocwen Financial had six mortgage origination lines of business: correspondent, wholesale, and retail in both forward and reverse mortgage lending. But the nonbank could soon only have one active lending channel, as the company disclosed this week that it is considering selling off more pieces of its lending business.
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Mohamed El-Erian talks rate hikes, future of the Fed, state of housing

Chief economic advisor at Allianz shares economic views at MBA Annual
Speaking at the Mortgage Bankers Association Annual Convention in Denver, Mohamed El-Erian, the chief economic advisor for Allianz and the former chief executive and co-chief investment officer at PIMCO, told the crowd that any concerns over the impact of future rate hikes from the Federal Open Markets Committee, the future leadership of the Federal Reserve, and the looming shrinking of the Fed’s balance sheet are unwarranted.
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Goldman Sachs acquires real estate development lender Genesis Capital

Acquisition allows Genesis to provide offerings on a national basis
Goldman Sachs announced it acquired Genesis Capital, a specialty commercial lending platform for professional residential real estate developers, reflecting the growing demand for financing for home flippers. The announcement also reinforces the extreme need for more housing inventory across the country. Here's how the company plans to grow on a national scale with the backing of Goldman Sachs.
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Down payment insurer ValueInsured raises $6.5 million to fund growth

Funding led by Everest Re Group, Houston International Insurance Group
ValueInsured, a company that provides down payment insurance for borrowers, announced Wednesday that it raised $6.5 million to fund the company’s growth. Through ValueInsured's +Plus down payment insurance program, borrowers pay a premium to ValueInsured in exchange for having their down payment insured against a downturn in the housing market should they decide to sell their home.
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