In the Money

More trouble for Ditech? Company now exploring “strategic alternatives”

Nonbank exited bankruptcy in February, but that may not be enough
Is there more trouble brewing for Ditech Holding Corp., the nonbank formerly known as Walter Investment Management? The company announced this week that its board is about to begin exploring “strategic alternatives to enhance stockholder value.” Included among those alternatives is a potential sale of the company.
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San Francisco’s definition of low income is shocking

HUD says households earning upward of 6 figures qualify for low-income housing
You’re pulling in more than $100,000 a year to support your family of four, and you think you’re doing pretty well, right? Wrong. Not in San Francisco, you’re not. According to the latest report from the HUD, four-person households in the Bay Area that make less than $117,400 can qualify for certain low-income housing programs. That’s the highest in the nation.
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Union Home Mortgage acquires NOIC/Concord

Makes second asset purchase in six weeks
Union Home Mortgage is on a roll. The Ohio-based lender has made its second asset acquisition in six weeks’ time, announcing today the purchase of assets from NOIC, Inc./Concord. Last month, the lender acquired assets from Arizona’s Alliance Home Loans in a deal that it said would push annual loan production to more than $4 billion.
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More homebuilder consolidation: Century Communities buys Wade Jurney Homes

Deal creates nation’s 10th largest homebuilder
The consolidation of the homebuilding industry continues. Last week, Taylor Morrison announced that it is acquiring fellow homebuilder AV Homes in a deal valued at nearly $1 billion. Next up is Century Communities, which announced Friday that it is acquired the remaining 50% of Wade Jurney Homes in a deal that creates the nation’s 10th largest homebuilder.
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Opendoor raises $325 million, plans nationwide expansion

Direct homebuyer plots expansion into 50 markets by 2020
One of the biggest players in the growing direct homebuyer segment is about to get much, much bigger. Opendoor, an online marketplace that buys homes directly from homeowners, announced Wednesday that it secured $325 million in new funding and is planning a nationwide expansion of its homebuying platform.
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Feds arrest dozens in sweeping action against hackers targeting wire transfers

Including those targeting real estate transactions
The federal government announced Monday that it conducted a massive sweep and arrested nearly 75 people who allegedly participated in schemes designed to intercept and hijack wire transfers from businesses and individuals, including those involving real estate transactions. The operation also resulted in the seizure of nearly $2.4 million, and the disruption and recovery of approximately $14 million in fraudulent wire transfers.
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Direct homebuyer FlyHomes raises $17 million, plans expansion into mortgages

Funding round led by prominent Silicon Valley venture capital firm Andreessen Horowitz
There’s a growing player in the burgeoning direct homebuying segment that now boasts the backing of one of Silicon Valley’s top venture capital firms. Seattle-based FlyHomes recently announced that it raised $17 million in its Series A funding round, which was led by Andreessen Horowitz, which previously invested in Facebook, Airbnb, Foursquare, Skype, Twitter, and others.
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Monday Morning Cup of Coffee: Goldman Sachs teases big move into mortgages

Marcus for mortgages? Maybe
Once a big player in mortgage lending, Goldman Sachs’ footprint in housing finance has gotten significantly smaller since the financial crisis…but that could be about to change. Is Marcus for mortgages coming soon? It appears that's something the megabank is considering. That, and more, in your Monday Morning Cup of Coffee.
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Citizens Bank buying Franklin American Mortgage for $511 million

Citizens claims deal will push bank into nation’s top 15 mortgage companies
Citizens Bank is about to significantly grow its mortgage business, announcing Thursday that it reached a deal to acquire Franklin American Mortgage Company in a $511 million deal. Citizens said that the deal will triple the size of its off-balance sheet mortgage servicing portfolio and more than double its mortgage origination platform.
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