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American Home Mortgage’s Correspondent Lending Division off to fast start: A one-year review
NovaStar Mortgage to purchase retail assets of Oak Street MortgageMortgagePress.comRetail loan origination
NovaStar Mortgage Inc. has agreed to acquire up to 21 retail
mortgage-lending locations and certain other assets from Oak Street
Mortgage LLC.
The purchase price of the Oak Street Mortgage assets in question
will be at a slight premium over book value, and there will be an
additional opportunity for Oak Street Mortgage to earn payments
over the next two years, contingent upon the performance of the
retail division during that period. The transaction is expected to
close late in the fourth quarter of 2006.
Kansas City, Mo.-based NovaStar Mortgage Inc. is the loan
origination unit of real estate investment trust NovaStar Financial
Inc. For more information, call (888) 499-5363 or visit www.novastarmortgage.com.
Oak Street Mortgage LLC, a subsidiary of Oak Street Financial
Services, is a retail mortgage originator, based in Carmel, Ind.
For more information, call (800) 562-6669 or visit www.oakstreetmortgage.com.