#MortgageMAtrimony: Wedding hashtags for the top M&A deals of 2018
December 26, 2018 4:52 PM
In the era of "pics or it didn't happen," no wedding is complete these days without a hashtag combining the names of the happy couple that guests are encouraged to use when they post about the festivities on social media.
As a hectic year of mortgage industry merger and acquisition activity comes to a close — and engagement season in full swing — we thought it would be fitting to give this year's top M&A deals the same treatment.
Here's a recap of the mortgage industry's biggest M&A deals of 2018. Because what's an M&A deal if not the marriage of two companies?
As a hectic year of mortgage industry merger and acquisition activity comes to a close — and engagement season in full swing — we thought it would be fitting to give this year's top M&A deals the same treatment.
Here's a recap of the mortgage industry's biggest M&A deals of 2018. Because what's an M&A deal if not the marriage of two companies?
#totheWaMunandStars — Washington Mutual and Nationstar
Acquirer: WMIH Corp.
Target: Nationstar Mortgage Holdings
Price: $1.9 Billion
Close Date: July 31
The shareholders of Nationstar Mortgage Holdings and WMIH Corp. each voted toapprove a $1.9 billion acquisition plan that will see the parent company of nonbank lender and servicer Mr. Cooper combine with the successor to S&L and subprime mortgage lender Washington Mutual.
Target: Nationstar Mortgage Holdings
Price: $1.9 Billion
Close Date: July 31
The shareholders of Nationstar Mortgage Holdings and WMIH Corp. each voted to
#ShellsaidYes — New Residential and Shellpoint Partners
Acquirer: New Residential Investment Corp.
Target: Shellpoint Partners
Price: $190 million
Close Date: July 2018
New Residential Investment Corp.bought Shellpoint Partners for $190 million from Ranieri Partners in a two-step process that closed in July. New Residential is paying for the acquisition using a mix of cash and financing with an additional earn-out over the next two-and-a-half years.
Target: Shellpoint Partners
Price: $190 million
Close Date: July 2018
New Residential Investment Corp.
#LoveineveryCornerstone — Guild Mortgage and Cornerstone
Acquirer: Guild Mortgage
Target: Cornerstone Mortgage
Price: Undisclosed
Close Date: March 1
Guild Mortgage added to its Midwestern mortgage origination operations through theacquisition of Cornerstone Mortgage of St. Louis. The acquisition fits with Guild's strategic plan to grow in existing markets and also acquire firms with a strong presence in new markets and proven histories of exemplary customer service and entrepreneurial cultures, its president and CEO Mary Ann McGarry said in a press release.
Target: Cornerstone Mortgage
Price: Undisclosed
Close Date: March 1
Guild Mortgage added to its Midwestern mortgage origination operations through the
#WentwosayIdo — Ocwen and PHH
Acquirer: Ocwen Financial Corp.
Target: PHH Corp.
Price: $360 million
Close Date: Oct. 4
Ocwen Financial Corp.’sdeal to acquire PHH Corp. for $360 million brings together two companies in the midst of resurrecting their businesses after a string of regulatory and financial setbacks.
Target: PHH Corp.
Price: $360 million
Close Date: Oct. 4
Ocwen Financial Corp.’s
#Franklinmydear — Citizens Bank and Franklin American
Acquirer: Citizens Financial Group
Target: Franklin American Mortgage
Price: $511 million
Close Date: Aug. 1
Citizens Financial Group in Providence, R.I., will pay$511 million in cash for the assets of Franklin American Mortgage in Franklin, Tenn. The deal , which is the sixth largest for a bank acquirer this year, priced Franklin at 110% of its tangible book value.
Target: Franklin American Mortgage
Price: $511 million
Close Date: Aug. 1
Citizens Financial Group in Providence, R.I., will pay
#oohALa — CoreLogic and a la mode
Acquirer: CoreLogic
Target: a la mode
Price: Undisclosed
Close Date: April 2018
CoreLogic, which has already acquired several appraisal technology and services vendors,snagged another one with its purchase of a la mode technologies. The acquisition of all of the equity of a la mode is expected to be modestly accretive to CoreLogic's 2018 revenue and adjusted EBITDA, excluding certain purchase accounting adjustments and one-time integration-related costs.
Target: a la mode
Price: Undisclosed
Close Date: April 2018
CoreLogic, which has already acquired several appraisal technology and services vendors,
#Omahappilyeverafter — Mutual of Omaha and Synergy One Lending
Acquirer: Mutual of Omaha Bank
Target: Synergy One Lending
Price: Undisclosed
Close Date: July 16
With itspurchase of Synergy One Lending , Mutual of Omaha Bank expanded its product offerings to include reverse mortgages. Synergy One will benefit from Mutual of Omaha’s "financial strength, strong brand and national presence" according to the bank's Chairman and CEO Jeff Schmid.
Target: Synergy One Lending
Price: Undisclosed
Close Date: July 16
With its
#AIVAfoundherKnight — Black Knight and AIVA
Acquirer: Black Knight
Target: Heavy Water (AIVA)
Price: Undisclosed
Close Date: June 2018
With its acquisition of artificial intelligence and machine learning developerHeavyWater , Black Knight is turning to its Artificial Intelligence Virtual Assistant to streamline the mortgage process, with an immediate focus on the originations sector. The company is incorporating AIVA into its existing product suite.
Target: Heavy Water (AIVA)
Price: Undisclosed
Close Date: June 2018
With its acquisition of artificial intelligence and machine learning developer
#LoveGenworththeOcean — China Oceanwide and Genworth
Acquirer: China Oceanwide
Target: Genworth
Price: $2.7 billion
Target Close Date: Jan. 31, 2019
Genworth Financial's mortgage insurance business, which had slipped in market share, hasmore certainty about its future prospects after a federal government committee approved the holding company's acquisition by China Oceanwide. The takeover faced a few setbacks that delayed the deal which was originally agreed upon back in October 2016 .
While the companies aimed to seal the deal by the end of the year, their new completion goal has been extended to Jan. 31, 2019.
Target: Genworth
Price: $2.7 billion
Target Close Date: Jan. 31, 2019
Genworth Financial's mortgage insurance business, which had slipped in market share, has
While the companies aimed to seal the deal by the end of the year, their new completion goal has been extended to Jan. 31, 2019.
