Ameriquest closes, Citigroup buys mortgage assets #mortgage


#ameriquest mortgage

#

Ameriquest closes, Citigroup buys mortgage assets

A logo of Citigroup is shown surrounded by the reflection of financial buildings in Hong Kong January 19, 2006. Citigroup Inc, the largest U.S. bank, said on Friday it agreed to buy the wholesale mortgage lending and payment collection assets of Ameriquest’s parent, ACC Capital Holdings, for an undisclosed price.

By Jonathan Stempel | NEW YORK

NEW YORK Ameriquest Mortgage Co, the largest U.S. subprime lender as recently as 2005, is closing, the latest home loan provider to shut down amid the nation’s housing market slump.

Citigroup Inc ( C.N ), the largest U.S. bank, said on Friday it agreed to buy the wholesale mortgage lending and payment collection assets of Ameriquest’s parent, ACC Capital Holdings, for an undisclosed price.

The acquisition includes the right to collect payments on, or service, $45 billion of loans. About 2,000 employees work for that operation. A small amount of other loans and assets were also included.

Ameriquest was the first major subprime lender to downsize in the current housing cycle, deciding in May 2006 to close all 229 retail branches and cut 3,800 jobs.

Since then, subprime lenders, which make loans to people with weak credit, have faced a downturn. Home prices have declined, defaults have risen and investors have stopped buying many home loans that were being made.

Many subprime lenders have filed for bankruptcy protection in the last year, sold themselves or shut down.

U.S. President George W. Bush said on Friday the government would try to keep some borrowers from defaulting, but would not bail out lenders.

Trouble in the subprime mortgage market has spread to other debt markets, including loans used to finance leveraged buyouts, creating big headaches for many commercial and investment banks.

ACC “is preparing the orderly wind down of its retail mortgage business, which is no longer accepting applications,” spokesman Chris Orlando said.

Billionaire Roland Arnall, now the U.S. ambassador to the Netherlands, founded ACC in 1979, and his wife, Dawn, is ACC’s chairman, according to their official U.S. government biographies. Roland Arnall remains the company’s principal owner, Orlando said.

Citigroup obtained an option to buy the assets in February as part of an agreement to provide funding to keep Orange, California-based ACC in business.

Citi said in a statement it would expand its efforts to make sure distressed borrowers get to stay in their homes.

Jeffrey Perlowitz, New York-based Citigroup’s head of global securitized markets, said in a statement the transaction “allows Citigroup to secure valuable and scalable platforms in a market undergoing significant change.”

ACC Vice Chairman Adam Bass in a statement called the transaction “a positive step” for customers and employees.

ACC’s spokesman Orlando declined to disclose Ameriquest’s recent loan volumes.

Citigroup’s purchase is scheduled to close on Saturday.

(Additional reporting by Dan Wilchins)


Ameriquest closes, Citigroup buys mortgage assets #mortgage #rate #calculator #with #taxes


#ameriquest mortgage

#

Ameriquest closes, Citigroup buys mortgage assets

A logo of Citigroup is shown surrounded by the reflection of financial buildings in Hong Kong January 19, 2006. Citigroup Inc, the largest U.S. bank, said on Friday it agreed to buy the wholesale mortgage lending and payment collection assets of Ameriquest’s parent, ACC Capital Holdings, for an undisclosed price.

By Jonathan Stempel | NEW YORK

NEW YORK Ameriquest Mortgage Co, the largest U.S. subprime lender as recently as 2005, is closing, the latest home loan provider to shut down amid the nation’s housing market slump.

Citigroup Inc ( C.N ), the largest U.S. bank, said on Friday it agreed to buy the wholesale mortgage lending and payment collection assets of Ameriquest’s parent, ACC Capital Holdings, for an undisclosed price.

The acquisition includes the right to collect payments on, or service, $45 billion of loans. About 2,000 employees work for that operation. A small amount of other loans and assets were also included.

Ameriquest was the first major subprime lender to downsize in the current housing cycle, deciding in May 2006 to close all 229 retail branches and cut 3,800 jobs.

Since then, subprime lenders, which make loans to people with weak credit, have faced a downturn. Home prices have declined, defaults have risen and investors have stopped buying many home loans that were being made.

Many subprime lenders have filed for bankruptcy protection in the last year, sold themselves or shut down.

U.S. President George W. Bush said on Friday the government would try to keep some borrowers from defaulting, but would not bail out lenders.

Trouble in the subprime mortgage market has spread to other debt markets, including loans used to finance leveraged buyouts, creating big headaches for many commercial and investment banks.

ACC “is preparing the orderly wind down of its retail mortgage business, which is no longer accepting applications,” spokesman Chris Orlando said.

Billionaire Roland Arnall, now the U.S. ambassador to the Netherlands, founded ACC in 1979, and his wife, Dawn, is ACC’s chairman, according to their official U.S. government biographies. Roland Arnall remains the company’s principal owner, Orlando said.

Citigroup obtained an option to buy the assets in February as part of an agreement to provide funding to keep Orange, California-based ACC in business.

Citi said in a statement it would expand its efforts to make sure distressed borrowers get to stay in their homes.

Jeffrey Perlowitz, New York-based Citigroup’s head of global securitized markets, said in a statement the transaction “allows Citigroup to secure valuable and scalable platforms in a market undergoing significant change.”

ACC Vice Chairman Adam Bass in a statement called the transaction “a positive step” for customers and employees.

ACC’s spokesman Orlando declined to disclose Ameriquest’s recent loan volumes.

Citigroup’s purchase is scheduled to close on Saturday.

(Additional reporting by Dan Wilchins)


Prospect Mortgage acquires assets of CapWest Mortgage #30 #yr #mortgage #rates


#capwest mortgage

#

Prospect Mortgage acquires assets of CapWest Mortgage

Sherman Oaks, California-based Prospect Mortgage announced Friday it is acquiring certain assets of CapWest Mortgage. a Kansas City-based call center operation focusing on consumer-direct sources of business.

Under the agreement, CapWest will operate as a separate division under Prospect Mortgage, and Monte Robbins, currently President of CapWest, will become a Prospect Divisional President responsible for the call center s growth and operations.

We believe CapWest s sophisticated call center operations and seasoned management team will provide Prospect with significant growth opportunities and an enhanced competitive advantage in the marketplace, said Prospect Chairman and CEO Mike Williams.

We are excited to have the CapWest team join the Prospect family and look forward to this acquisition creating long-term value for our employees, partners and investors, said Williams.

As a result, Prospect now has the resources to scale CapWest s lead sources and products. In addition, the acquisition will serve as a foundational component to leverage Prospect s existing consumer direct initiatives.

As we looked at the growth potential for CapWest, we knew it would eventually need a larger platform than our family-owned bank to truly scale. When Prospect Mortgage inquired and shared their vision for the utilization of the CapWest model, we saw tremendous upside potential for both CapWest and Farmers Bank, said W.R. Robbins, Chairman and CEO of Farmers Bank Trust.

This month in
Housing Wire magazine

The winners of our Insiders award are people who get things done, who are known throughout their companies as the “go-to” person in their department or division. They provide expertise in areas as diverse as operations, compliance and client services, but also have a reputation for going above and beyond their assigned roles to help out their colleagues, their companies and their clients.

Feature

In May of 2016 Airbnb had almost 1.4 listings on the site and raised its revenue projection for this year to more than $900 million. But the site impacts more than just hotel chains. As more investors, not just homeowners, use the site to rent out spare rooms — and even spare couches — it strains the supply of rental houses.

Commentary

A funny thing happened while the mortgage process became more automated. Rather than reduce human interaction, which some skeptics anticipated, automation technology is in fact having the opposite effect. It is enabling mortgage lending to become a people-first business once again.

HousingWire.com

HW Community

Company

Connect With Us


Ameriquest closes, Citigroup buys mortgage assets #compare #mortgage #loans


#ameriquest mortgage

#

Ameriquest closes, Citigroup buys mortgage assets

A logo of Citigroup is shown surrounded by the reflection of financial buildings in Hong Kong January 19, 2006. Citigroup Inc, the largest U.S. bank, said on Friday it agreed to buy the wholesale mortgage lending and payment collection assets of Ameriquest’s parent, ACC Capital Holdings, for an undisclosed price.

By Jonathan Stempel | NEW YORK

NEW YORK Ameriquest Mortgage Co, the largest U.S. subprime lender as recently as 2005, is closing, the latest home loan provider to shut down amid the nation’s housing market slump.

Citigroup Inc ( C.N ), the largest U.S. bank, said on Friday it agreed to buy the wholesale mortgage lending and payment collection assets of Ameriquest’s parent, ACC Capital Holdings, for an undisclosed price.

The acquisition includes the right to collect payments on, or service, $45 billion of loans. About 2,000 employees work for that operation. A small amount of other loans and assets were also included.

Ameriquest was the first major subprime lender to downsize in the current housing cycle, deciding in May 2006 to close all 229 retail branches and cut 3,800 jobs.

Since then, subprime lenders, which make loans to people with weak credit, have faced a downturn. Home prices have declined, defaults have risen and investors have stopped buying many home loans that were being made.

Many subprime lenders have filed for bankruptcy protection in the last year, sold themselves or shut down.

U.S. President George W. Bush said on Friday the government would try to keep some borrowers from defaulting, but would not bail out lenders.

Trouble in the subprime mortgage market has spread to other debt markets, including loans used to finance leveraged buyouts, creating big headaches for many commercial and investment banks.

ACC “is preparing the orderly wind down of its retail mortgage business, which is no longer accepting applications,” spokesman Chris Orlando said.

Billionaire Roland Arnall, now the U.S. ambassador to the Netherlands, founded ACC in 1979, and his wife, Dawn, is ACC’s chairman, according to their official U.S. government biographies. Roland Arnall remains the company’s principal owner, Orlando said.

Citigroup obtained an option to buy the assets in February as part of an agreement to provide funding to keep Orange, California-based ACC in business.

Citi said in a statement it would expand its efforts to make sure distressed borrowers get to stay in their homes.

Jeffrey Perlowitz, New York-based Citigroup’s head of global securitized markets, said in a statement the transaction “allows Citigroup to secure valuable and scalable platforms in a market undergoing significant change.”

ACC Vice Chairman Adam Bass in a statement called the transaction “a positive step” for customers and employees.

ACC’s spokesman Orlando declined to disclose Ameriquest’s recent loan volumes.

Citigroup’s purchase is scheduled to close on Saturday.

(Additional reporting by Dan Wilchins)


Prospect Mortgage acquires assets of CapWest Mortgage #fha #mortgage #loans


#capwest mortgage

#

Prospect Mortgage acquires assets of CapWest Mortgage

Sherman Oaks, California-based Prospect Mortgage announced Friday it is acquiring certain assets of CapWest Mortgage. a Kansas City-based call center operation focusing on consumer-direct sources of business.

Under the agreement, CapWest will operate as a separate division under Prospect Mortgage, and Monte Robbins, currently President of CapWest, will become a Prospect Divisional President responsible for the call center s growth and operations.

We believe CapWest s sophisticated call center operations and seasoned management team will provide Prospect with significant growth opportunities and an enhanced competitive advantage in the marketplace, said Prospect Chairman and CEO Mike Williams.

We are excited to have the CapWest team join the Prospect family and look forward to this acquisition creating long-term value for our employees, partners and investors, said Williams.

As a result, Prospect now has the resources to scale CapWest s lead sources and products. In addition, the acquisition will serve as a foundational component to leverage Prospect s existing consumer direct initiatives.

As we looked at the growth potential for CapWest, we knew it would eventually need a larger platform than our family-owned bank to truly scale. When Prospect Mortgage inquired and shared their vision for the utilization of the CapWest model, we saw tremendous upside potential for both CapWest and Farmers Bank, said W.R. Robbins, Chairman and CEO of Farmers Bank Trust.

This month in
Housing Wire magazine

The winners of our Insiders award are people who get things done, who are known throughout their companies as the “go-to” person in their department or division. They provide expertise in areas as diverse as operations, compliance and client services, but also have a reputation for going above and beyond their assigned roles to help out their colleagues, their companies and their clients.

Feature

In May of 2016 Airbnb had almost 1.4 listings on the site and raised its revenue projection for this year to more than $900 million. But the site impacts more than just hotel chains. As more investors, not just homeowners, use the site to rent out spare rooms — and even spare couches — it strains the supply of rental houses.

Commentary

A funny thing happened while the mortgage process became more automated. Rather than reduce human interaction, which some skeptics anticipated, automation technology is in fact having the opposite effect. It is enabling mortgage lending to become a people-first business once again.

HousingWire.com

HW Community

Company

Connect With Us


Prospect Mortgage acquires assets of CapWest Mortgage #mortgage #calculator #online


#capwest mortgage

#

Prospect Mortgage acquires assets of CapWest Mortgage

Sherman Oaks, California-based Prospect Mortgage announced Friday it is acquiring certain assets of CapWest Mortgage. a Kansas City-based call center operation focusing on consumer-direct sources of business.

Under the agreement, CapWest will operate as a separate division under Prospect Mortgage, and Monte Robbins, currently President of CapWest, will become a Prospect Divisional President responsible for the call center s growth and operations.

We believe CapWest s sophisticated call center operations and seasoned management team will provide Prospect with significant growth opportunities and an enhanced competitive advantage in the marketplace, said Prospect Chairman and CEO Mike Williams.

We are excited to have the CapWest team join the Prospect family and look forward to this acquisition creating long-term value for our employees, partners and investors, said Williams.

As a result, Prospect now has the resources to scale CapWest s lead sources and products. In addition, the acquisition will serve as a foundational component to leverage Prospect s existing consumer direct initiatives.

As we looked at the growth potential for CapWest, we knew it would eventually need a larger platform than our family-owned bank to truly scale. When Prospect Mortgage inquired and shared their vision for the utilization of the CapWest model, we saw tremendous upside potential for both CapWest and Farmers Bank, said W.R. Robbins, Chairman and CEO of Farmers Bank Trust.

This month in
Housing Wire magazine

The winners of our Insiders award are people who get things done, who are known throughout their companies as the “go-to” person in their department or division. They provide expertise in areas as diverse as operations, compliance and client services, but also have a reputation for going above and beyond their assigned roles to help out their colleagues, their companies and their clients.

Feature

In May of 2016 Airbnb had almost 1.4 listings on the site and raised its revenue projection for this year to more than $900 million. But the site impacts more than just hotel chains. As more investors, not just homeowners, use the site to rent out spare rooms — and even spare couches — it strains the supply of rental houses.

Commentary

A funny thing happened while the mortgage process became more automated. Rather than reduce human interaction, which some skeptics anticipated, automation technology is in fact having the opposite effect. It is enabling mortgage lending to become a people-first business once again.

HousingWire.com

HW Community

Company

Connect With Us


Prospect Mortgage acquires assets of CapWest Mortgage #upside #down #mortgage


#capwest mortgage

#

Prospect Mortgage acquires assets of CapWest Mortgage

Sherman Oaks, California-based Prospect Mortgage announced Friday it is acquiring certain assets of CapWest Mortgage. a Kansas City-based call center operation focusing on consumer-direct sources of business.

Under the agreement, CapWest will operate as a separate division under Prospect Mortgage, and Monte Robbins, currently President of CapWest, will become a Prospect Divisional President responsible for the call center s growth and operations.

We believe CapWest s sophisticated call center operations and seasoned management team will provide Prospect with significant growth opportunities and an enhanced competitive advantage in the marketplace, said Prospect Chairman and CEO Mike Williams.

We are excited to have the CapWest team join the Prospect family and look forward to this acquisition creating long-term value for our employees, partners and investors, said Williams.

As a result, Prospect now has the resources to scale CapWest s lead sources and products. In addition, the acquisition will serve as a foundational component to leverage Prospect s existing consumer direct initiatives.

As we looked at the growth potential for CapWest, we knew it would eventually need a larger platform than our family-owned bank to truly scale. When Prospect Mortgage inquired and shared their vision for the utilization of the CapWest model, we saw tremendous upside potential for both CapWest and Farmers Bank, said W.R. Robbins, Chairman and CEO of Farmers Bank Trust.

This month in
Housing Wire magazine

The winners of our Insiders award are people who get things done, who are known throughout their companies as the “go-to” person in their department or division. They provide expertise in areas as diverse as operations, compliance and client services, but also have a reputation for going above and beyond their assigned roles to help out their colleagues, their companies and their clients.

Feature

In May of 2016 Airbnb had almost 1.4 listings on the site and raised its revenue projection for this year to more than $900 million. But the site impacts more than just hotel chains. As more investors, not just homeowners, use the site to rent out spare rooms — and even spare couches — it strains the supply of rental houses.

Commentary

A funny thing happened while the mortgage process became more automated. Rather than reduce human interaction, which some skeptics anticipated, automation technology is in fact having the opposite effect. It is enabling mortgage lending to become a people-first business once again.

HousingWire.com

HW Community

Company

Connect With Us


Ameriquest closes, Citigroup buys mortgage assets #compare #mortgage #loans


#ameriquest mortgage

#

Ameriquest closes, Citigroup buys mortgage assets

A logo of Citigroup is shown surrounded by the reflection of financial buildings in Hong Kong January 19, 2006. Citigroup Inc, the largest U.S. bank, said on Friday it agreed to buy the wholesale mortgage lending and payment collection assets of Ameriquest’s parent, ACC Capital Holdings, for an undisclosed price.

By Jonathan Stempel | NEW YORK

NEW YORK Ameriquest Mortgage Co, the largest U.S. subprime lender as recently as 2005, is closing, the latest home loan provider to shut down amid the nation’s housing market slump.

Citigroup Inc ( C.N ), the largest U.S. bank, said on Friday it agreed to buy the wholesale mortgage lending and payment collection assets of Ameriquest’s parent, ACC Capital Holdings, for an undisclosed price.

The acquisition includes the right to collect payments on, or service, $45 billion of loans. About 2,000 employees work for that operation. A small amount of other loans and assets were also included.

Ameriquest was the first major subprime lender to downsize in the current housing cycle, deciding in May 2006 to close all 229 retail branches and cut 3,800 jobs.

Since then, subprime lenders, which make loans to people with weak credit, have faced a downturn. Home prices have declined, defaults have risen and investors have stopped buying many home loans that were being made.

Many subprime lenders have filed for bankruptcy protection in the last year, sold themselves or shut down.

U.S. President George W. Bush said on Friday the government would try to keep some borrowers from defaulting, but would not bail out lenders.

Trouble in the subprime mortgage market has spread to other debt markets, including loans used to finance leveraged buyouts, creating big headaches for many commercial and investment banks.

ACC “is preparing the orderly wind down of its retail mortgage business, which is no longer accepting applications,” spokesman Chris Orlando said.

Billionaire Roland Arnall, now the U.S. ambassador to the Netherlands, founded ACC in 1979, and his wife, Dawn, is ACC’s chairman, according to their official U.S. government biographies. Roland Arnall remains the company’s principal owner, Orlando said.

Citigroup obtained an option to buy the assets in February as part of an agreement to provide funding to keep Orange, California-based ACC in business.

Citi said in a statement it would expand its efforts to make sure distressed borrowers get to stay in their homes.

Jeffrey Perlowitz, New York-based Citigroup’s head of global securitized markets, said in a statement the transaction “allows Citigroup to secure valuable and scalable platforms in a market undergoing significant change.”

ACC Vice Chairman Adam Bass in a statement called the transaction “a positive step” for customers and employees.

ACC’s spokesman Orlando declined to disclose Ameriquest’s recent loan volumes.

Citigroup’s purchase is scheduled to close on Saturday.

(Additional reporting by Dan Wilchins)


Prospect Mortgage acquires assets of CapWest Mortgage #mortgage #calculator #taxes #and #insurance


#capwest mortgage

#

Prospect Mortgage acquires assets of CapWest Mortgage

Sherman Oaks, California-based Prospect Mortgage announced Friday it is acquiring certain assets of CapWest Mortgage. a Kansas City-based call center operation focusing on consumer-direct sources of business.

Under the agreement, CapWest will operate as a separate division under Prospect Mortgage, and Monte Robbins, currently President of CapWest, will become a Prospect Divisional President responsible for the call center s growth and operations.

We believe CapWest s sophisticated call center operations and seasoned management team will provide Prospect with significant growth opportunities and an enhanced competitive advantage in the marketplace, said Prospect Chairman and CEO Mike Williams.

We are excited to have the CapWest team join the Prospect family and look forward to this acquisition creating long-term value for our employees, partners and investors, said Williams.

As a result, Prospect now has the resources to scale CapWest s lead sources and products. In addition, the acquisition will serve as a foundational component to leverage Prospect s existing consumer direct initiatives.

As we looked at the growth potential for CapWest, we knew it would eventually need a larger platform than our family-owned bank to truly scale. When Prospect Mortgage inquired and shared their vision for the utilization of the CapWest model, we saw tremendous upside potential for both CapWest and Farmers Bank, said W.R. Robbins, Chairman and CEO of Farmers Bank Trust.

This month in
Housing Wire magazine

The winners of our Insiders award are people who get things done, who are known throughout their companies as the “go-to” person in their department or division. They provide expertise in areas as diverse as operations, compliance and client services, but also have a reputation for going above and beyond their assigned roles to help out their colleagues, their companies and their clients.

Feature

In May of 2016 Airbnb had almost 1.4 listings on the site and raised its revenue projection for this year to more than $900 million. But the site impacts more than just hotel chains. As more investors, not just homeowners, use the site to rent out spare rooms — and even spare couches — it strains the supply of rental houses.

Commentary

A funny thing happened while the mortgage process became more automated. Rather than reduce human interaction, which some skeptics anticipated, automation technology is in fact having the opposite effect. It is enabling mortgage lending to become a people-first business once again.

HousingWire.com

HW Community

Company

Connect With Us


Ameriquest closes, Citigroup buys mortgage assets #house #loans


#ameriquest mortgage

#

Ameriquest closes, Citigroup buys mortgage assets

A logo of Citigroup is shown surrounded by the reflection of financial buildings in Hong Kong January 19, 2006. Citigroup Inc, the largest U.S. bank, said on Friday it agreed to buy the wholesale mortgage lending and payment collection assets of Ameriquest’s parent, ACC Capital Holdings, for an undisclosed price.

By Jonathan Stempel | NEW YORK

NEW YORK Ameriquest Mortgage Co, the largest U.S. subprime lender as recently as 2005, is closing, the latest home loan provider to shut down amid the nation’s housing market slump.

Citigroup Inc ( C.N ), the largest U.S. bank, said on Friday it agreed to buy the wholesale mortgage lending and payment collection assets of Ameriquest’s parent, ACC Capital Holdings, for an undisclosed price.

The acquisition includes the right to collect payments on, or service, $45 billion of loans. About 2,000 employees work for that operation. A small amount of other loans and assets were also included.

Ameriquest was the first major subprime lender to downsize in the current housing cycle, deciding in May 2006 to close all 229 retail branches and cut 3,800 jobs.

Since then, subprime lenders, which make loans to people with weak credit, have faced a downturn. Home prices have declined, defaults have risen and investors have stopped buying many home loans that were being made.

Many subprime lenders have filed for bankruptcy protection in the last year, sold themselves or shut down.

U.S. President George W. Bush said on Friday the government would try to keep some borrowers from defaulting, but would not bail out lenders.

Trouble in the subprime mortgage market has spread to other debt markets, including loans used to finance leveraged buyouts, creating big headaches for many commercial and investment banks.

ACC “is preparing the orderly wind down of its retail mortgage business, which is no longer accepting applications,” spokesman Chris Orlando said.

Billionaire Roland Arnall, now the U.S. ambassador to the Netherlands, founded ACC in 1979, and his wife, Dawn, is ACC’s chairman, according to their official U.S. government biographies. Roland Arnall remains the company’s principal owner, Orlando said.

Citigroup obtained an option to buy the assets in February as part of an agreement to provide funding to keep Orange, California-based ACC in business.

Citi said in a statement it would expand its efforts to make sure distressed borrowers get to stay in their homes.

Jeffrey Perlowitz, New York-based Citigroup’s head of global securitized markets, said in a statement the transaction “allows Citigroup to secure valuable and scalable platforms in a market undergoing significant change.”

ACC Vice Chairman Adam Bass in a statement called the transaction “a positive step” for customers and employees.

ACC’s spokesman Orlando declined to disclose Ameriquest’s recent loan volumes.

Citigroup’s purchase is scheduled to close on Saturday.

(Additional reporting by Dan Wilchins)