Capital Markets Cooperative, a secondary market specialist, is continuing to look at possible acquisitions, but is in no rush to sign on the dotted line.
In an interview with ASR's sister publication, National Mortgage News company president and founder Tom Millon said “A lot of organizations are looking for an exit” and that few buyers today are willing to pay a premium.
“We're looking at a few things,” he said.
A few months ago, after receiving $100 million in investment money from investor Wilbur Ross, CMC bought the privately held Cunningham & Co., a nonbank residential lender based in Greensboro, N.C. No purchase price was disclosed.
In a statement Cunningham said with the help of CMC it hopes to grow into a $1 billion a year producer. CMC is based in Ponte Vedra Beach, Fla.
Most housing and mortgage economists expect lenders to fund anywhere from $900 million to $1.2 trillion in new loans this year. In 2011, the industry originated $1.3 trillion, according to figures compiled by National Mortgage News.
Some lenders are hopeful that as some of the megabanks cut back on production, they will gain business.