Thursday, November 08, 2018 2:20:59 PM
"One way Pacific Union Financial works to stand out from the pack is with portfolio loans for borrowers with less than perfect credit. Portfolio loans are held by the lender rather than sold to an investor, and that allows for a bit of flexibility as far as a borrower’s credit qualifications." https://www.nerdwallet.com/blog/mortgages/pacific-union-financial-review/
In 2016 they originated $1.5B in loans each month. They are are portfolio lender. They are retaining the bulk of these for their own investment income.
https://www.housingwire.com/articles/37426-pacific-union-financial-sees-explosive-growth
40 branches across the country. Pacific Union currently ranks fifth as an FHA-sponsored (portfolio holding)originator. Sounds like a scaleable footprint that COOP can build and grow on? Brick and Mortar? I think so. I think another very large acquisition is in COOP's future that grows out of the roots placed by Union Pacific Financial. Union Pacific is the seeds of what's to come.
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Further in 2015-2016, Union Pacific Financial originated AND purchased (from themselves for portfolio holding)..............2,916 mortgage loans totaling $80.9 million.........just in Massachusetts !
"Pacific Union’s primary business is originating and servicing residential home mortgages. The Lender also purchases loans. Business is generated through multiple lending channels. Approved loans are funded through an established warehouse line of credit. Processes may be centralized based upon lending channel. Pacific Union also acts as a mortgage broker to provide additional financing options to their customers however no Massachusetts loans were brokered during the examination period. Servicing rights are retained and mortgage servicing is performed internally for the majority of loans originated. During the examination period of 2015 and 2016, Pacific Union originated and purchased 2,916 loans totaling approximately $803.9 million in Massachusetts." https://www.mass.gov/files/documents/2018/02/01/pacificunionfinancial-pe.pdf
This is just one state - and in 2016 they had 50 branches. It doesn't take long to get a $26B mortgage portfolio, held in-house, for investment at this rate.
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