In the Money

ARTICLES

  • Direct buyer Offerpad planning significant expansion, beginning in Texas

    Begins operating in Houston metro area, San Antonio expansion coming soon
    Last year, Offerpad secured $150 million in funding, which the direct homebuyer said it planned to use for business expansion. Late last year, Offerpad began operating in Tucson, Arizona, and expanded into the Dallas-Fort Worth metroplex. As it turns out, that won’t be the company’s only foray into Texas.
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  • Federal Reserve says student debt has hampered housing market

    Links rise in debt to drop in homeownership and urban exodus among younger set
    Student debt has impacted the housing decisions of young Americans, the Federal Reserve said, delaying homeownership and prompting a significant number of college grads to move away from rural areas. Researchers estimated that 400,000 borrowers who could have purchased a house didn’t because of their debt.
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  • OCC names new chief operating officer

    Morris Morgan to aid in bank oversight
    The Office of the Comptroller of the Currency has appointed Morris Morgan as senior deputy comptroller and chief operating officer, a role created to enhance the agency’s reporting structure. As COO, Morgan will oversee a number of the OCC's bank supervision units.
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  • Knock raises $400 million, plans massive expansion of home trade-in program

    Direct buyer now operating in five markets
    Around this time last year, Knock, a real estate startup that buys homes directly from homeowners, unveiled an expansion plan that would see the company grow its business beyond its first market of Atlanta. Since then, the company has indeed expanded and is now operating in five markets, but the company has much bigger plans than that. And now, the company has the money to reach those goals.
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  • Blackstone set to launch largest real estate fund ever

    Record-shattering $20 billion fund set to make its mark on commercial real estate
    Blackstone Group is set to finish raising capital for the largest-ever real estate fund. According to The Wall Street Journal, the $20 billion fund is expected to close in the first quarter of 2019 for most investors and may focus on tech hubs, remote resorts, rental properties and distribution centers.
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  • New Fed Mortgage acquiring Commonwealth Mortgage

    Acquisition will allow New Fed to expand into four new states
    New Fed Mortgage, a growing mortgage lender based in Massachusetts, is set to expand its business even more through the acquisition of Commonwealth Mortgage, a direct-to-consumer lender that is also based in Massachusetts.
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  • Mr. Cooper Group buys IBM's Seterus mortgage servicing platform

    Acquires $48 billion in servicing rights
    Mr. Cooper Group purchased IBM’s Seterus mortgage servicing platform in a deal announced Thursday, which includes $24 billion in GSE mortgages and a subservicing contract for $24 billion. Mr. Cooper Group Chairman and CEO Jay Bray said the deal "is consistent with our outlook for profitability targets and portfolio growth."
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