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Merger of Lower and Thrive would give Veritex 12 5% stake

Parent company of Veritex Community Bank, which paid $54.9 million to acquire a 49 percent interest in Thrive in 2021, expects a $25 million to $30 million loss if the deal closes.

United statesLos angelesRandell gillespieSamir syedSelene kellamRoy jonesDan snyderVeritex holdings incLower holding coVeritex community bankLower realtyPaycheck protection programBetter business bureauLower insurance servicesColumbus crew major league soccerInman connect new york

M&A deals, partnerships announced in mortgage this week

M&A deals, partnerships announced in mortgage this week
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United statesCosta mesaLaura cainMike baynesFreddie macAccurate groupIntercontinental exchangeClosing exchangeMortgage technologyBlack knight intercontinental exchangeOhio based lowerUniversal lendingDenver based universalVoxtur analyticsDesign eventsFannie mae

Lower Signs Opendoor As First Customer For New Mortgage Platform

Lower's "mortgage as a service" platform lets brands offer digital-first mortgages through application programming interface and no-code solutions.

Chelsea wagnerDan snyderLower holding coKey mortgage groupLower insurance servicesLower realtyInman connect new yorkBuyer opendoorOhio based lowerHomeside financialFairfax mortgageLakeside mortgageNationwide multistate licensing system

California-based Summit Funding to cut 72 staffers

The layoff, set for Nov. 23, will affect 36 employees working in the Summit Funding headquarters in Sacramento and 36 remote staff in nine states.

United statesTodd scrimaSherry meneleySummit funding incEmployment development departmentFederal reserveSummit fundingEmployment developmentWorker adjustmentRetraining notificationOhio based lowerAtlanta based angel oak home loans

Lower Partners With Orchard To Offer Power Buyer Services

As rising interest rates curb mortgage refinancings, Lower will target homebuyers through a partnership with iBuyer powerhouse Opendoor.

United statesNorth carolinaFort worthSan antonioMontgomery countyLos angelesLindsey leberthDan snyderLower holding coRocket companies incLower insurance servicesLower realtyFannie maeWells fargoPower buyerOhio based lower