Industry Watch: Mr. Cooper sheds reverse mortgage portfolio, Black Knight completes Top of Mind deal and more

Blend Labs has announced the terms for the initial public offering (IPO) of its Class A common stock, in which the company offering 20,000,000 shares expected to be valued between $16 and $18 per share. The underwriters of the offering will also have a 30-day option to purchase from Blend up to an additional 3,000,000 shares of its Class A common stock. The shares are expected to trade on the New York Stock Exchange under the ticker symbol “BLND.” The company filed a registration document filed with the U.S. Securities and Exchange Commission (SEC) last month relating to the IPO; Blend has a current fundraising goal of $360 million for the offering.

Mr. Cooper Group has entered into a definitive agreement to sell its reverse servicing portfolio, operating under the Champion Mortgage brand, to Mortgage Assets Management (MAM) and its affiliates. Upon the close of the transaction expected prior to year end, MAM and its affiliates will assume Champion’s reverse portfolio and related operations. The sale will reduce Mr. Cooper’s servicing portfolio by approximately $16 billion in unpaid principal balance and decrease its balance sheet by approximately $5 billion in HECM and other assets. The terms of the transaction have not been disclosed; however, Mr. Cooper does not expect a significant impact on second quarter results.

Evolve Mortgage Services has closed its acquisition of remote notarization company E-Notary Seal. The acquisition enables Evolve to provide closings for title and mortgage companies through a single, end-to-end digital process. As part of the acquisition, E-Notary Seal founder Felicia Grimes jas joined Evolve as vice president of the company’s eMortgage division.

Fathom Holdings has announced the creation of a new Hispanic division to better serve the demographic, with Flavio Jimenez leading the division as vice president of business development for the Hispanic market.

Black Knight has completed its acquisition of Top of Mind Networks, creator of mortgage customer relationship platform Surefire. Top of Mind will become part of Black Knight’s Origination Software division and initially be integrated with the Black Knight Empower loan origination system and Loan Officer Digital solution.

An affiliate of private investment firm Sun Capital Partners has completed the acquisition of Jacksonville-based LoanLogics. Loan Logics provides automation for mortgage document processing as well as audit software for more than 120 institutions nationwide. Terms of the private transaction were not disclosed.


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