Software giant Intuit Inc., Mountain View, Calif. -- the maker of the immensely popular Turbo Tax program -- has agreed to purchase direct/online lender Rock Financial, Bingham Farms, Mich., for $370 million in stock. Intuit already owns QuickenMortgage, an online loan broker that hopes to facilitate $1.2 billion in residential loan closings this year. Rock Financial, according to the Quarterly Data Report (http://mortgagestats.com), ranked 73rd among all lenders in the first half. Rock funds loans in its own name with its own money. QuickenMortgage does not. The marriage between the two should give QuickenMortgage the expertise -- including processing/underwriting/back office -- it needs to compete against the current residential online giants: E-Loan, Dublin, Calif.; Mortgage.com, Plantation, Fla.; and Countrywide Home Loans, Calabasas, Calif.
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Chairman and CEO David Spector, in weighing Rocket Cos.' purchase of Mr. Cooper, suggested Pennymac's balanced business model couldn't be duplicated.
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Don Layton, former Freddie Mac CEO, and self-proclaimed "GSEologist" predicts that a release of the two entities will occur within four to six years.
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The Sunshine State deal comes following a banner year for credit union-bank combinations, despite pushback from community banking advocates.
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A large share of each generation, baby boomers, Gen X, Millennials and Gen Z, said another age group is the reason why homeownership is unaffordable, Clever found.
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There still is potential for the Supreme Court to review nuances of its landmark Tyler v. Hennepin County decision as other lawsuits raise questions about it.
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The International Monetary Fund lowered its economic growth projections for 2025, citing policy uncertainty. It also urged central banks to stand ready to use macroprudential tools to facilitate lending in a potential recession.
April 22