Let the M&A games begin?

CrossCountry Mortgage has acquired California-based LendUS, the first example in 2022 of a top-25 lender gobbling up a smaller originator.

Good afternoon! Was this newsletter forwarded to you? Sign up here. Hello, LOs!   CrossCountry Mortgage has acquired California-based LendUS, the first example in 2022 of a top-25 lender gobbling up a smaller originator.    The deal for LendUS, which was founded after the combination of American Eagle Mortgage, Mortgage Financial, Regency Mortgage and RPM Mortgage, brings about 350 LOs and 100 branches to CrossCountry's growing network. LendUS will become the largest division at distributed retailer CrossCountry, which itself has grown massively over the last decade.   LendUS CEO Rob Hirst saw a limited window to make a deal, a source with direct knowledge of the deal told HousingWire.   "Rob has been through a number of cycles. He's been in the business a long time. He's fought a lot of battles," the source said. "This next market adjustment with a tight housing inventory market, the reduction in refinances, purchases leveling – it was just time for him to cash in his chips while he has something of value."   LendUS employees had to sign agreements with CrossCountry by Friday of last week to make the transition, sources said.    LOs – what do you expect to happen in terms of M&A this year? Email me with your thoughts at james@hwmedia.com.    Other stuff to know today:   *Rocket Companies is asking staffers at its mortgage operations and title divisions to take a voluntary buyout. If everyone who is asked to resign does so, Rocket will pare back 2,080 jobs from its workforce of about 26,000. And if they don't? Expect layoffs at the country's largest lender.    *Anthony Hsieh, the founder of loanDepot, is hanging up his CEO hat to become executive chairman of the mortgage company. He's hired Frank Martell, former CoreLogic CEO, to take over day-to-day responsibilities.    *On Monday, we published a story about how property tax hikes could make life very difficult for some recent homebuyers. Have you already heard from clients asking why the mortgage looks different than it did the day they signed the paperwork?   *Home prices rose 19.8% annually in March, according to the latest Case Shiller Index. Yet again, Phoenix, Tampa and Miami reported the highest year-over-year home price increases among the 20 cities analyzed, with annual increases of 32.9%, 32.6% and 29.7%, respectively. LOs, what does it look like on the ground in these three cities? How are your clients affected by the huge surge in home prices over the last year? Email me at james@hwmedia.com.    James Kleimann Managing Editor, HousingWire CrossCountry strikes a deal to acquire LendUS IPO/ M&A, Mortgage, HW+ Exclusive Content Ohio-based CrossCountry Mortgage has entered into an agreement to acquire California-based retail lender LendUS, multiple sources familiar with the deal told HousingWire. eClosing: How to Generate More Revenue in Today's Market Join Notarize for an interactive discussion where you'll learn how to generate more business, close loans faster, and reduce funding cycle time, while providing an exceptional borrower closing experience. Register Today! Sponsored by Notarize Here's a look at a reimagined LOS landscape Presented by Mortgage Cadence HW Media CEO Clayton Collins is joined by Jim Rosen, vice president of product management at Mortgage Cadence, to discuss the challenges facing lenders in the LOS landscape, and how an LOS-first approach solves for them. Rocket offers voluntary buyouts to 8% of workforce Mortgage, HW+ Exclusive Content Rocket Companies said late Monday that it would be offering buyouts to 8% of its staff at its mortgage operations and title teams. 8 Tips To Build Your Referral Business Looking to drive revenue while interest rates rise? Referrals — whether they're from realtors or past customers — can be a key source of leads without spending a lot on marketing. Attract referral leads and get more loans closed with these 8 steps. Get the Guide Sponsored by Matic Hsieh stepping back to be loanDepot's executive chairman Mortgage LoanDepot founder Anthony Hsieh is no longer directing daily operations at the nonbank. Instead, he's become executive chairman and Frank Martell has stepped in as president and CEO. HousingWire, 433 East Las Colinas Blvd., Suite 830, Irving, TX 75039 Manage preferences

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