Mortgage.com Expecting $40M To Fund Its New B-to-B Strategy
SUNRISE, Fla. - Less than a month after adopting a business-to-business strategy, Mortgage.com said Wednesday that it has reached a deal to pump as much as $40 million of capital into the company.An undisclosed institutional investor has agreed to buy up to $40 million of previously unreleased Mortgage.com common stock over the next 24 months, the company said. Mortgage.com plans to use the money to finance its development of an electronic platform for the mortgage industry.
Last month Mortgage.com said it had decided direct consumer marketing of loans over the Internet was not a viable business model, and it joined FiNet.com and other online lenders that have switched to a business-to-business model.
PMI Group Ratchets Up Estimates Of Its Earnings Per Share for 2000
SAN FRANCISCO - PMI Group Inc. said its earnings per share this year would be higher than current estimates.The second-largest private mortgage insurer said it expects to earn $5.45 to $5.52 a share, about 22% more than last year.
In November the company had said it expected to earn $5.35 to $5.45 a share; the average of estimates from analysts polled by FirstCall/Thomson Financial is $5.39 a share.
The company said it revised its estimate because more policies have stayed on the books than expected and because it has bought back more stock.
Fannie Mae Hires an Economist As VP of Industry Analysis
WASHINGTON - Fannie Mae has appointed economist Barbara Ryan vice president of industry analysis in its corporate development division.Ms. Ryan's job is to study and analyze the mortgage market and advise Fannie's various business units on setting and meeting business goals.
Ms. Ryan was most recently a vice president at Capital Economics, a Washington-based economic consulting firm. From 1994 to 1996, she was an adviser to the chairman of the International Trade Commission.
Cendant of N.J. Making Loans Under Coldwell Banker Name
PARSIPPANY, N.J. - Cendant Corp. has begun to offer mortgages with the Coldwell Banker brand.The conglomerate owns Cendant Mortgage, which was the No. 9 originator last year, with $26 billion, and Coldwell Banker Real Estate Corp, which licenses its franchise to independent real estate agents worldwide. Cendant also plans to originate mortgages using the brands of two other real estate franchises it owns, Century 21 and ERA.
Separately, Cendant Mortgage said that by summer it would complete the online mortgage origination platform it is designing to make the mortgage process faster and less expensive. Fannie Mae is helping by customizing its technology for Cendant Mortgage.