article thumbnail

Rocket Companies announces deal to acquire Redfin for $1.75 billion

Housing Wire

Today, Rocket Companies announced it has entered into an agreement to purchase digital real estate brokerage Redfin in an all-stock transaction valued at $1.75 Under the agreement, each Redfin share will convert to 0.7926 Rocket Class A shares, a 63% premium over Redfins 30-day Volume-Weighted Average Price (VWAp) as of March 7, 2025.

article thumbnail

Navigating movement in the mortgage industry series: Post-closing matters are important too

Housing Wire

Below are some of the items that wont necessarily be on your radar when you initially explore an acquisition or sale, but may need to be dealt with on a post-closing basis. To backstop some of those indemnification obligations, there will likely be an indemnification escrow agreement.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Navigating movement in the mortgage industry series: Due diligence in mergers and acquisitions

Housing Wire

It is easy to become blinded by the end goal of increasing loan volume and quality origination talent. Material contracts There may be numerous contracts containing provisions that may trigger liability or exposure upon the sale of a business. Are those employees subject to non-competes, confidentiality and non-solicitation agreements?

article thumbnail

Fannie Mae finalizes first nonperforming loan sale of the year

Housing Wire

Fannie Mae has announced the winning bidder for the final mortgage pool that was part of its inaugural nonperforming loan sale of 2022 — and it’s nineteenth sale since the i na ugural offering in 2015. The loan pool, dubbed the Community Impact Pool (CIP), includes 120 loans with an unpaid principal balance of $36.3

Loans 397
article thumbnail

loanDepot returns to profitability, announces new strategic plan 

Housing Wire

As an example of initiatives included in the new plan, the lender announced this week a joint venture agreement with Smith Douglas Homes , a top 50 homebuilder with a solid book of business in Southern states. Costs may increase as the company continues to add loan officers and operations team members. Origination volume was $6.7

article thumbnail

Fannie Mae picks winner of first nonperforming-loan sale of 2022

Housing Wire

Fannie Mae has chosen the winning bidder for its inaugural nonperforming loan sale of 2022, a deal involving 3,223 loans with an unpaid principal balance of $477.2 The nonperforming loans involved in the deal, dubbed FNMA 2022-NPL1 , were divided into two pools, with MCLP the winning bidder for both pools.

Loans 370
article thumbnail

Zillow is still in the red, but its major revenue streams are rising

Housing Wire

This agreement is really a great win-win, Zillow CEO Jeremy Wacksman said on the earnings call. Origination volume is up even more, as the company’s purchase loan volume doubled in 2024, while refinance originations rose 69%. The deal has a five-year term with two options to extend it by two years.