In the Money

It’s official: Mr. Cooper to acquire Pacific Union Financial

Plans expansion into wholesale, correspondent lending
In conjunction with its earnings release on Thursday morning, Mr. Cooper Group announced it would acquire mortgage company Pacific Union Financial. The company announced the acquisition will increase its servicing holdings by about $25 billion, and its originations by $10 billion annually.
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Sources: Mr. Cooper to buy Pacific Union Financial

Company could soon announce plans for move
Multiple sources confirmed to HousingWire that Nationstar, also known as Mr. Cooper, is buying Pacific Union Financial. Back in July, Pacific Union showed signs of struggling as it unexpectedly closed the doors to its mortgage fulfillment call center, leaving El Paso, Texas, short 699 promised jobs.
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How the mighty have fallen: Ditech booted from the New York Stock Exchange

Troubles persist for once-bankrupt nonbank
When we last checked in on Ditech Holding Corp., the nonbank formerly known as Walter Investment Management, things weren’t going too well. And it sounds like things haven’t gotten much better for the company over the last few months. Ditech notified investors this week that the company is being kicked off of the NYSE due to the company’s incredibly low share price and market cap.
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Zillow stock tanks

Suffers worst day since going public
Zillow’s stock dropped more today than it ever has in a day's trading following yesterday's release of the real estate giant's third quarter earnings report.
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Monday Morning Cup of Coffee: Number of borrowers with refi incentive plummets

Are you prepared for midterm elections
Amid rising interest rates, the latest data from Black Knight shows more than half of homeowners who entered the year with an incentive to refinance their mortgage have since lost it. And do you know what your candidate’s views are on issues surrounding housing, finance and other areas that are important for you? Here’s how to find out.
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Cash-out refis haven’t been this prevalent since the financial crisis

But unconcerned experts say borrowers are extracting less equity than before
The volume of cash-out refinance loans hasn’t been this high since 2008, but experts at the Urban Institute say that when put into context, there’s no cause for alarm. “In an environment of home price appreciation, people commonly tap into their home equity,” the authors wrote, adding that the total amount of equity cashed out is well below pre-crisis totals.
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Zillow is now officially in the mortgage business

Is “Zillow Mortgage” coming soon?
It’s official – one of the biggest names in real estate just joined the mortgage industry. Zillow announced Thursday that it completed its acquisition of Mortgage Lenders of America, marking its official first step into the mortgage industry. Could Zillow Mortgage be coming soon?
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Lennar to sell Rialto investment business to Stone Point Capital for $340 million

Stone Point to purchase Rialto Investment and Asset Management business
Homebuilder Lennar announced it has agreed to sell its Rialto Investment and Asset Management business to Stone Point Capital in a deal worth $340 million. The news of the sale shouldn't come as too much of a surprise. Rumors about Lennar offloading Rialto to Stone Point surfaced in early October.
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Expedia dives headfirst into short-term rentals, acquires Pillow and ApartmentJet

Two tech companies allow for more short-term rentals in multifamily properties
Expedia Group, the online travel giant that includes Hotels.com, trivago, Orbitz, Travelocity, Hotwire, and more, also has two of the biggest names in short-term rentals under its umbrella: HomeAway and VRBO. But those companies trail the short-term rental industry’s biggest player, Airbnb. Now, Expedia wants to do something about that by working with the multifamily industry to make it easier to use units as short-term rentals.
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Worried you can’t get a mortgage in time? Ribbon will buy the home you want for you

Real estate startup raises $225 million to fund national expansion
There’s a new real estate startup that is buying homes directly from homeowners, but unlike direct buyers like Opendoor, Offerpad, and Perch, and real estate giants like Zillow and Redfin, which focus on buying homes from sellers, Ribbon is buying homes for buyers. And now, the company has some serious financial backing to power its planned growth.
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