Citibank Mortgage Now CitiMortgage
ST. LOUIS - Citibank Mortgage has changed its name to CitiMortgage Inc.Source One Mortgage Corp., a Farmington Hills, Mich., lender acquired by Citibank Mortgage last year, has also taken the CitiMortgage name.
The unit was the 11th-largest originator last year, with $20 billion, and the 10th-largest servicer, with $92 billion, according to National Mortgage News, a sister publication of American Banker.
Redwood Trust Gets $50M Credit
MILL VALLEY, Calif. - Redwood Trust Inc. has obtained a $50 million warehouse line of credit for its commercial mortgage business from Residential Funding Corp., a subsidiary of General Motors.While Redwood's main business is investing in jumbo residential mortgages, it has a subsidiary, Redwood Commercial Funding Inc., that originates, services, and sells mortgages secured by apartment buildings, office buildings, light industrial properties, mobile home parks, and retail properties.
Site Raises $15M In Second Round
NEW YORK - CapitalThinking, which started a commercial mortgage Web site last month, said it raised $15 million in its second round of financing.Bessemer Venture Partners and RRE Ventures were the lead second-round investors. Starwood Financial and ABP Investments also committed funds.
CapitalThinking started with $3.4 million in funding from Aberdare Ventures. The company says it has $70 million of commercial mortgages in its pipeline.
LendingTree Site Adds First Union
CHARLOTTE, N.C. - LendingTree has added fellow Charlotte resident First Union Corp. to its multilender Web site and struck an alliance with PrimeStreet Corp..The banking company joins more than 100 other lenders on LendingTree.
LendingTree said its alliance with Boston-based PrimeStreet, an online open-finance marketplace for small businesses, will give customers access to both personal and small-business financing. Both companies' loan products will be accessible through each other's sites, the partners announced Tuesday.
United Financial In Software Deal
DENVER - United Financial Inc., a unit of Matrix Bancorp, said it has agreed to license software made by Quantitative Risk Management Group of Chicago.The software evaluates mortgage servicing portfolios. United, a broker of servicing rights, last month beefed up its advisory services. It began offering a service to help mortgage banks prevent defections by identifying borrowers likely to refinance. It also issues monthly reports on servicers' portfolios to help clients flag refinancing candidates.