PDL Community Bancorp, the holding company for Ponce Bank, received approval from the New York State Department of Financial Services to acquire 100% of the stock of Astoria, N.Y.-based mortgage banking company, Mortgage World Bankers Inc. (MWB).
Michael Lagoudis will continue to manage MWB’s operations as its president and CEO, and will become an SVP of the company. Stephanos Lagoudis will continue to assist MWB in a consulting capacity. Steven A. Tsavaris, executive chairman of the company, will become the chairman; and Carlos P. Naudon, president and CEO of the company, will become a director of MWB. The acquisition is expected to close on or about July 1, 2020, according to a press release.
"This purchase will enhance our mortgage origination capacity, enable us to offer more competitive consumer mortgage products in our communities, give us an experienced and established channel to the secondary markets, and expand our reach into additional communities. Further, we expect the transaction will be accretive well within 18 months," said Naudon.
The institutional-investor cap may grab headlines, but permitting, construction costs, and local building activity will have a much bigger say in how much inventory originators have to finance
I grew up around home building. My sister and her husband, with a little help from the rest of the family, spent years putting new homes on the market around Sacramento. So when I read a housing bill, I ask one question first: will it get anyone to break ground?The 21st Cent...
How lenders and brokers can test the default, challenge the findings, and preserve a workable resolution in DPA, P&L, and DSCR disputes
A repurchase demand can create an immediate liability before the lender has enough information to know whether the claim is valid. The demand may identify the loan, repurchase price, and response deadline without providing the payment history or calculations necessary to eva...
Trade group estimates greater Freddie participation could compress spreads another 10 to 12 basis points as Fannie has taken the lead in GSE mortgage-bond buying
Fannie now prohibits leases for departing residences and permits market-analysis tools instead of Form 1007, creating a key documentation difference from Freddie Mac
The Mortgage Partnership Finance Program has expanded MPF Traditional eligibility for affordable loans, manufactured homes, renovations, and lender-funded assistance