Mortgage-Related Merger Activity in 2001
October 10, 2001, 10:08 a.m. EDT 1 Min Read
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Mortgage-Related Merger Activity in 2001
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Buyer | Seller | Deal | Price | Servicing | Production | Notes |
| Wilshire Financial Calif. | Old Kent Mortgage Mich. | Sept. 14 | $178 | NA | NA | Deal reflects transfer of subprime servicing receviables only |
| Aegis Mortgage Tex. | Equicredit/BankAmerica N.C. | Aug. 15 | NA | $4,500 | NA | Branch-only deal. Equicredit is being liquidated by B of A |
| RBMG/Meritage Mortgage S.C. | BankAmerica/Equicredit Fla. | Aug. 15 | NA | 1,200 | NA | Branch-only deal. 15 branches are full-service. B of A said it would liquidate Equicredit |
| LSI Communications Utah | Liberty Financial NA | 31-Jul | 0 | NA | NA | Liberty is a mortgage broker licensed to do business in Alaska, Texas, Wyoming, and Oklahoma |
| G.E. Capital Corp. Conn. | Heller Financial | 30-Jul | NA | NA | $5,300 | Heller is a commercial finance firm with some RE receivables |
| ESI Mortgage LP Tex. | Equity Secured Investments Tex. | 22-Jul | NA | 50 | NA | Both firms are privately held |
| Private Management Team Va. | Saxon Mortgage/Dominion Va. | 3-Jul | 6,004 | 2,000 | 277 | The $277 million represents a private placement of common stock. New private owners not identified |
| First American Mortgage Fla. | Nationwide Foundation of Lenders Fla. | 28-Jun | NA | NA | 2 | First American bought Seasons Mortgage, Richmond, Va., in 2001 |
| Sterling Financial Wash. | Source Capital Corp. Wash. | 27-Jun | NA | NA | NA | Source Capital is a commercial lender |
| Washington Mutual | Dime Bancorp/NAMC N.Y. | 25-Jun | 56,425 | 38,836 | 5,200 | Wamu bought the entire Dime franchise, which is reflected in the price |
| Chase Manhattan Mortgage N.J. | First Union Mortgage N.C. | 15-Jun | 3,000 | NA | NA | Flow servicing deal. Deal not publicly disclosed. |
| Chase Manhattan Mortgage N.J. | Prism Mortgage Ill. | 1-Jun | 3,000 | NA | NA | Flow servicing deal. Not publicly disclosed. |
| Temple-Inland Mortgage Tex. | Old Kent Mortgage Mich. | 7-May | 0 | 3,800 | NA | Branch-only deal. Closed in July |
| Temple-Inland Mortgage Tex. | Homestead Mortgage Mich. | 7-May | NA | 900 | NA | |
| Tidalwave Holdings Fla. | Seasons Mortgage Group Va. | 1-May | 2,300 | NA | NA | Seasons is a commercial-related subservicer |
| SouthTrust Mortgage Ala. | EquiBanc Mortgage Tex. | 30-Apr | NA | 90 | NA | EquiBanc was a subprime wholesaler owned by First Horizon |
| Ocwen Financial Fla. | Metropolitan Mortgage Wash. | 18-Apr | 2,200 | NA | NA | Servicing-only deal involving subprime receivables |
| First Union Bancorp N.C. | Wachovia Bank N.C. | 16-Apr | 4,397 | 2,200 | 12,600 | FU bought Wachovia, the bank, as well as all its assets, including mortgages |
| NetBank Inc. Ga. | Market Street Mortgage Fla. | 16-Apr | 1,800 | 1,600 | 20 | Market Street is a subsidiary of Republic Bancorp, Ann Arbor, Mich. |
| NA | Trustcorp Mortgage Ind. | 5-Apr | 1,000 | NA | 6 | Servicing-only deal. Trustcorp is a subsidiary of First Source |
| Washington Mutual Wash. | Fleet Mortgage Group S.C. | 2-Apr | 136,936 | 24,000 | 660 | Wamu bought the stock of Fleet Mortgage, a mostly TPO producer |
| Chase Manhattan Mortgage N.J. | ABN Amro Mortgage Mich. | 26-Mar | 10,000 | NA | NA | This is flow servicing involving a range of $9 billion to $16 billion |
| Chase Manhattan Mortgage N.J. | Temple-Inland Mortgage Tex. | 26-Mar | 9,000 | NA | NA | This represents the purchase of bulk servicing rights |
| NA | Old Kent Mortgage Mich. | 1-Mar | 6,500 | NA | NA | Servicing-only deal. OKMs branches are being sold separately |
| Ocwen Federal Bank Fla. | New Century Financial Calif. | 1-Mar | 4,900 | NA | 20 | Servicing-only deal. About a month earlier Fairbanks had agreed to subservice these loans, but the deal was canceled |
| NA | Temple Inland Mortgage Tex. | Feb. 25 | 9,000 | NA | NA | Bulk servicing deal only |
| Wilshire Financial Ore. | Life Bank Calif. | Feb. 22 | 500 | NA | NA | Servicing-only deal involving 5,000 loans |
| NA | Trustcorp Mortgage Ind. | Feb. 20 | 1,000 | NA | NA | Servicing-only deal. Buyer not disclosed |
| NA | Old Kent Mortgage Mich. | Feb. 20 | NA | 10,000 | NA | Salomon is selling the mortgage branches only |
| Triad Financial Services Fla. | Diamond Lenders Group Minn. | Feb. 15 | NA | NA | NA | No further information available. Triad is a manufactured housing lender |
| CitiMortgage Mo. | iOwn.com | Feb. 15 | NA | NA | NA | iOwn is a technology and Internet site |
| Chase Manhattan Mortgage N.J. | Advanta Mortgage Pa. | Jan. 8 | 20,979 | 1,100 | 1,600 | Includes $600 million of off-balance-sheet loans |
| Coastal Capital Corp . N.Y. | Tucker Financial | Jan. 8 | NA | 300 | NA | Tucker sold Tucker Mortgage to Coastal. Tucker is a wholesale-only lender that does not service |
NA = not available
Source: National Mortgage News M&A Database.
Questions? Email: paul.muolo@tfn.com