Redwood Trust Inc. Do you work at Redwood Trust Inc.? The securitization, SEMT 2021-6, had an initial notional balance of $449 million and is backed by 497 jumbo residential loans. Over the last twelve months, Riverbend has originated over $1.0 billion of loans across 33 states, with additional key markets targeted for future expansion. Redwood Trust is internally managed and structured as a real estate investment trust ("REIT") for tax purposes. The Company may also sell loans that it does not securitize. Access mTrade's Clean Room for file uploads, condition management. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in Redwood's Annual Report on Form 10-K for the year ended December 31, 2018 under the caption "Risk Factors." The strong capital base, efficient operating platform, deep client network and extensive product set will allow us to scale our originations and financing efforts.. We look forward to working together and executing on our shared vision of providing best-in-class financing, service and products to our borrowers.. Our aggregation, origination and investment activities have evolved to incorporate a diverse mix of residential, business purpose and multifamily assets. The real estate investment trust, which is said to be . The Motley Fool has no position in any of the stocks mentioned. For more information about Redwood Trust, visit our website at www.redwoodtrust.com or connect with us on LinkedIn, Twitter, or Facebook. Our management team has a proven track record with a combined funded portfolio of over $1.5 billion in single and multi-family loans across the United States. Click the link to learn more: https://lnkd.in/gdBQuF3u Its major source of revenue is interest on mortgage loans, which it aims to distribute as dividends . Consideration for the acquisition is approximately $490 million, net . 2023 ICE Mortgage Technology, Inc. All Rights Reserved. We look forward to working together and executing on our shared vision of providing best-in-class financing, service and products to our borrowers.. The acquisition is expected to close in the second quarter of 2022, subject to customary closing conditions. Additionally, through RWT Horizons, our venture investing initiative, we invest in early-stage companies strategically aligned with our business across the lending, real estate, and financial technology sectors to drive innovations across our residential and business-purpose lending platforms. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks, and provide for retirement. Our operating platforms occupy a unique position in the housing finance value chain, providing liquidity to growing segments of the U.S. housing market not well served by government programs. In addition, hedging these loans against interest rate risk is much harder than a typical mortgage. 2023 Redwood Mortgage. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Subscribe; Search; Latest; Events; Directories; Analysis & Data; Tech; Non-QM; Topics . When expanded it provides a list of search options that will switch the search inputs to match the current selection. Noel Veitia, Nancy Carter #nonqm #mortgage, For more than a decade, HousingWires Tech100program has identified and recognized the most innovative technology companies serving the mortgage and real estate industries. Our operating platforms occupy a unique position in the housing finance value chain . Riverbends platform adds a complementary product and geographic footprint to CoreVests existing business. Mayer Brown LLP acted as legal advisor to Redwood. Emilian Halloran and Sean Robbins, co-Founders of Riverbend, will continue to lead the business following the closing as Managing Directors overseeing the single asset bridge product. Understanding How Correspondent Lending Works - SmartAsset Lenders engage in correspondent lending when they originate and fund mortgages and then sell them to investors as mortgage-back securities. Redwood Trust is a correspondent originator (meaning it largely buys completed loans from smaller lenders) and it focuses primarily on jumbo loans, which are too large to be guaranteed by the U.S. government, and non-qualified mortgage loans, which are ineligible for a government guarantee. The recommended browser is Chrome or Edge. LoanNEXwill get your account set up. As of Friday, March 13, the stock was trading at $12.56, which . Tuan.Pham@cvest.com, Internet Explorer presents a security risk. JMP Securities, A Citizens Company, served as exclusive financial advisor to Redwood in connection with the transaction. Weve been doing it since 1997. Our daily newsletter is FREE and keeps you up to date with the world of mortgage. Riverbend Lending is an innovative private money lender partner with a national footprint and local expertise. Riverbend has over 50 employees and is headquartered in Portland, Oregon. "CoreVest and Redwood have a shared view of the sizeable investor loan market opportunity. Planet Home Lending is ranked 12th with $22.8 billion in correspondent . The transaction, which initially was announced on April 28, includes Redwood acquiring all of Riverbend's subsidiaries. MSR / Co-Issue. The Company is not an originator. If you do not have a LoanNEX account and/or are not an approved Correspondent Seller with Redwood Trust, Inc., please contact us at sales@loannex.com. Company Contact Tuan Pham 1-949-344-7884 [emailprotected], Cision Distribution 888-776-0942 from 8 AM - 9 PM ET. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Im an individual or investor looking to take action to help secure my financial future. Phone: 949-344-7884 Forward-looking statements involve numerous risks and uncertainties. Commercial. Our team has built an amazing platform and brand, and we're poised to enter a new phase of growth by leveraging Redwood's significant, permanent capital base and deep residential credit expertise. As conventional lending guidelines grow increasingly rigid, it is vital to have lenders like Redwood. Disclaimer: Redwood Residential Acquisition Corporation does not offer or originate mortgage loans to consumers. The transaction represents the 18th issuance overall on the CAFL securitization shelf and had significant market support, drawing from both CoreVest's investor base for CAFL securitizations backed by single family rental loans and new entrants to the space. Redwood Trust is expanding its network of correspondent lenders to originate loans for new commercial mortgage-backed securities transactions. Continue reading Continue reading The risk that this will continue well into 2023 is the main reason why Redwood's dividend yield is so high. Redwood Trust is somewhat different than the typical mortgage REIT in that it has an operating loan origination business. CoreVest is the leading lender to residential real estate investors, nationwide. Redwood Trust: QM Patch Expiration Could Return $185 Billion-Plus to the Private Sector - NMP My clients need a lending resource that has the capacity to fund their real estate projects. Copyright 2023 Corebridge Financial, Inc. All rights reserved. Co-Founder at NEXT Mortgage News & Events, Next up in the PROGRESS in Lending Association #Innovations Award winners for #2023, my congrats to LoanNEX Internet Explorer is not fully compatible with the features of this website. Redwood Mortgage is a broker-friendly lender brokers are protected. Redwood Trust Inc. says its has completed the previously announced acquisition of Riverbend Funding LLC, a private mortgage lender to residential transitional and commercial real estate investors, in an all cash transaction on Tuesday. Key contacts, phone numbers, mailing addresses and servicing information for our customers. LoanNEX provides a robust and intuitive PPE solution making it easy for originators to navigate from rate and eligibility discovery to lock management, all on one platform. Kaitlyn Mauritz ICE Mortgage Technology empowers lenders and investors to engage homebuyers, The trusted industry resource for success, Underwriting automation for the mortgage industry, Track paper and e-mortgage loans throughout their lifecycle, E-recording, post closing, and collaboration made simple, Connect with the Industrys largest Partner Network to fuel your growth. Abate concluded, "On behalf of our Board and our employees, I am very excited to welcome the talented CoreVest team into the Redwood family.". The2023 Tech100 Mortgagewinners are continuing to bring innovation to the mortgage process from origination to closing, and servicing to secondary markets. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in our Annual Report on Form 10-K for the year ended December 31, 2021 under the caption "Risk Factors." Copyright 1996-2023 KM Business Information US, Inc, Redwood Trust snaps up CoreVest for $490 million, Broker on surviving Great Recession and subsequent road to success, Lower interest rates fuel California home sales to a five-month high, Southern First opens Dream Mortgage Center. In particular, the Riverbend platform adds single asset bridge origination and distribution to CoreVests existing product offering. To meet our investment vision, we intend to continue to thoughtfully grow our seller relationships to a size and scope that will result in a meaningful contribution to a robust secondary mortgage market. This caused mortgages to underperform Treasuries and mortgage real estate investment trust (mREIT) stocks to underperform the stock market. Any mortgage. Redwood Trust, Inc. (NYSE: RWT) Q4 2022 Earnings Call Transcript February 9, 2023. Register today atexperience.ice.com. Learn more aboutour consultant resources to fully support your success. Through our platform, we play an active role in supporting various areas of the residential housing market, facilitating homeownership, and serving markets and borrowers that are not eligible for government-sponsored programs. CoreVest, a division of Redwood Trust, Inc., is the leading lender to residential real estate investors nationwide. Redwood Mortgage 177 Bovet Road, Suite 520 San Mateo, CA 94402 The Motley Fool has a disclosure policy. Riverbends executive team plans to remain with Redwood following the completion of the acquisition. LoanNEX has combined a dynamic product and pricing discovery engine on a single platform, creating the first PPE service dedicated to delivering a simplified way for originators to navigate the complexities of the non-agency market. Featuring options for loan limits on non-warrantable condos down to $300,000, excess acreage, higher limits on financed properties, and non-occupant co-borrowers, our Choice program is perfect for the near-miss prime jumbo transaction. Forward-looking statements involve numerous risks and uncertainties. LoanNEX is one of the leading innovators of pricing and decision-making technology. MILL VALLEY, Calif., Oct. 14, 2019 /PRNewswire/ -- Redwood Trust, Inc. today announced it has entered into a definitive agreement to acquire CoreVest American Finance Lender LLC, a. Back Submit [#ShareIt] Touchdown for Teachers 2023 - Buffalo Bills onfirstup.com 20 . ; Analysis & amp ; Data ; Tech ; Non-QM ; Topics value chain Trust ( REIT! To have lenders like Redwood to match the current selection redwood trust correspondent lending products to our borrowers the Motley Fool has position... 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