United Wholesale Mortgage has announced that it will match the price of conventional loans up to 35 basis points for primary residences with 15 of its rivals: Caliber Home Loans, Cardinal Financial, Citizens Bank, Finance of America Mortgage, Flagstar Bank, Freedom Mortgage, Guaranteed Rate/Stearns, Homepoint, Homebridge, loanDepot, NewRez, One American Bank, Parkside, Penny Mac, Plaza Mortgage. The company’s price-match guarantee will be in effect from June 7-20, pitting competitors’ 30-, 45, and 60-day locks against UWM’s 15-, 30-, and 45-day locks. The offer applies only to initial locks, not lock transfers or relocks.
Regions Bank has entered into a definitive agreement to acquire home improvement lender EnerBank USA. Based in Salt Lake City, Enerbank has approximately $2.8 billion in loan balances as of March 31. Charlie Knadler, president and CEO of Enerbank, and EnerBank’s team will join Regions as part of its Consumer Banking Group reporting to Senior Executive Vice President Scott Peters. EnerBank will maintain its headquarters presence in Salt Lake City. The acquisition is expected to close in the fourth quarter of 2021.
Angel Oak Mortgage has announced the launch of its initial public offering (IPO) of 8,050,000 shares of its common stock. The IPO price is expected to be between $20 and $21 per share. Angel Oak expects to grant underwriters a 30-day option to purchase up to an additional 1,207,500 shares of its common stock. Angel Oak, whose stock will be listed on the New York Stock Exchange under the symbol “AOMR,” intends to use net proceeds from the offering to acquire non-QM loans and other target assets.
TIAA Bank has announced the sale of its correspondent lending operation to Pentagon Federal Credit Union (PenFed). Financial terms of the deal were not disclosed.
American Advisors Group (AAG) has announced that its corporate headquarters has moved to Irvine Towers at 18200 Von Karman Avenue in Irvine, California. The move reunites the company’s corporate team with the its Sales and Marketing divisions, which moved in 2018. AAG was in its previous headquarters location at 3800 W. Chapman Avenue in Orange, California, since 2011.
CrossCountry Mortgage has launched construction of a new $46 million corporate campus in Cleveland. The 168,000-square-foot campus is anticipated to bring more than 600 full-time jobs to the city and includes a 4,600-square-foot training center, 7,100-square-foot commons area, and 8,600-square-foot gym. Construction is scheduled to finish by the end of the year.