Tag Archives: Company News

Canadian real estate investment company Timbercreek Asset Management is expanding its global focus stateside, with the launch of the company's New York City location. Timbercreek manages approximately $2 billion in assets through its private and publicly-traded real estate-focused funds, and the company's New York launch follows the opening of Timbercreek offices in Switzerland. Leading Timbercreek's push into new markets are three former employees of Citigroup's real estate unit.

In Michigan, Main Street Bank is expanding its mortgage banking operations. The financial institutions recently announced the opening of a new mortgage office in downtown Rochester.

Lenders One Mortgage Cooperative has started 2012 on an optimistic note. The company recently announced that it achieved a new high for origination volume last year, giving Lenders One a record breaking end to 2011.

Platinum Data Solutions has named a new CEO, announcing that industry veteran Phil Huff will join the company following the retirement of the company's founder, Rocky Donathan, who was the previous CEO.

Hamilton Place Strategies has released findings from its analytics initiative, the Hamilton Financial Index. The company releases its examination of the state of the U.S. financial services industry on a semi-annual basis, and Hamilton conducts the study on behalf of the Partnership for a Secure Financial Future.

The Debt Exchange recently released its commercial loan report for January, and the findings indicate that loan values are continuing to rise steadily, following the trend of the past 12 months. According to data from DebtX, values for commercial real estate loans stood at 79.

Accurate Document Service, Inc., has launched a new national platform. A long time corporate partner of ADS, eLynx announced that the document prep company will begin creation and delivery of closing documentation on a nationwide basis.

The Justice Department has reached a deal with Flagstar Bancorp, Inc. The agency recently announced that the two entities have struck an agreement that pertains to underwriting practices related to loans insured by the Federal Housing Administration and HUD. FBC will revise its fourth quarter and full year financial results for 2011 as per the terms of the transaction. Additionally, FBC will reaffirm its forward looking statements for 2012, made by the company during its earnings call for fourth quarter findings in 2011.

The federal government leveled charges against Bank of America Monday that the mortgage company wrongfully discriminated against three borrowers with disabilities. HUD filed suit under the False Claims Act, alleging that Bank of America requested proof of disability from borrowers and Social Security income information after denying their qualifications for mortgage loans. In a sign of the growing authority for working groups, HUD said that it would hand off the investigation to the Justice Department and Federal Financial Fraud Enforcement Task Force, which will assign it to a group.

MetLife originated $11 billion in commercial mortgages in 2011, making last year the largest on record for the life insurer. The company said in a statement Monday that it achieved the results by signing off on a number of real estate transactions with mortgages roughly equal to $200 million and above. It said that these include $350 million on a loan for commercial real estate in Manhattan and $255 million on a mortgage for an office building in Chicago. The record-breaking loans from last year come on the heels of a pullout by MetLife from the forward mortgage origination business.