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Sun American Mortgage - Reverse Mortgage Lender

Sun American Mortgage is a lender, seller and servicer of the government insured Reverse Mortgage. Over twenty years ago, we closed the first ...

TCF Financial to acquire mortgage lender in Minn.

The $23 billion-asset company scaled back its auto lending earlier this year as it struggled to find buyers for its car loans. With delinquencies on auto loans rising, investors have becoming increasingly concerned about the quality of loans they are buying.

The company on Friday reported a 6% decline in profits from a year earlier, to $48.3 million, due to the decline in auto loan sales.

“As we continue to broaden the products and services we provide to help our customers achieve their financial goals, increasing our capability to originate first mortgages is an important priority for TCF,” Mike Jones, the head of consumer banking, said in a press release Monday.

At Sept. 30, TCF had a total of $1.9 billion of first-lien mortgages on its books, which was down 16% from a year earlier. Total consumer real estate loans fell 1% year over year to $4.9 billion.

Rubicon has licenses to operate in South Dakota, Wisconsin, Colorado and California. Its 34 employees are expected to join TCF when the sale closes.

Capital One to exit mortgage originations, cut 1100 jobs

“These businesses are in a structurally disadvantaged position, given the challenging rate environment and marketplace,” Sanjiv Yajnik, president of financial services at Capital One, said in a memo to employees. “These factors do not allow us to be both competitive and profitable for the foreseeable future.”

Capital One had about $20.6 billion of residential mortgage loans as of June 30, according to data compiled by Bloomberg Intelligence. That made it the 12th-largest mortgage lender among banks.

Home lending has become increasingly competitive as nonbank financial institutions like Quicken Loans have entered the space, touting platforms that let users apply for loans on smartphones and get money faster. Nonbanks accounted for more than than 70% of Federal Housing Administration loans as of July, and Quicken is the second-largest mortgage provider in the U.S.

Capital One will still provide loans for affordable housing and multifamily financing to real estate developers and investors, a spokesman said.