Network Funding announced this week the company has hired former Urban Financial Group manager Rob Wilson to run the company’s retail sales center following the launch of its reverse mortgage national sales center in Royersford, Pennsylvania. The hire supports a national expansion effort by Network Funding to ramp up its presence in the reverse mortgage […]
Category: Reverseit
Knight Capital Group (NYSE: KCG), parent company of reverse mortgage lender Urban Financial Group saw earnings of $6.5 million or $.01 per diluted share in the quarter ending December 31, 2011. Earnings were impacted by several factors noted by the company as pre-tax income of $6.8 million during the fourth quarter includes an $11.4 million […]
Knight Capital Group (NYSE: KCG) today confirmed it has agreed to merge with Getco Holding Company in a deal valued at $1.4 billion. Under the cash and stock transaction, shareholders will have the opportunity to receive $3.75 per share, the companies said. The two entities will be combined under a new publicly traded holding company […]
The investor market for reverse mortgage securities has become more desirable as the government guarantee associated with the securities makes it well positioned relative to other investments, writes Bloomberg News in a recent report. Investors are targeting the $38 billion market as more traditional investments lose value in light of Federal Reserve efforts to stimulate […]
In case you missed it… here’s what happened in reverse mortgage news this week. Knight Capital received buyout offers, expected to sell. The parent company of reverse mortgage lender Urban Financial group is expected to accept an offer soon with current bids on the table from Getco and Virtu—both companies focused in the market-making space. […]
Following a public bid Wednesday from Getco LLC to merge with Knight Capital group, sources close to the conversations have revealed to Bloomberg News that Knight is also entertaining a second offer from Virtu Financial. This could be the beginning of a “bidding war,” according to the report. The Getco offer was filed publicly and […]
Knight Capital Group (NYSE: KCG) received a merger offer Wednesday from trading competitor Getco LLC. The offer reportedly values the company at $635 million and would include the purchase of company shares at $3.50 per share. In a letter sent by Getco CEO Daniel Coleman to Knight’s board, Getco stressed the benefits such a merger […]
After speculation as to what would happen to the company and its reverse mortgage business following a $440 million-plus trading glitch that sent the company reeling, reports this week indicate Knight Capital (NYSE: KCG), owner of Urban Financial Group may soon entertain offers for the sale of its market-making business. What such a sale would […]
The future of Knight Capital Group (NYSE: KCG) could be positioned for change, according to a recent report by the Wall Street Journal that indicates Knight chairman and CEO has been exploring alternative options. The discussion comes just months after a $440 million trading error sent the company reeling toward insolvency. Citing unnamed sources, WJS […]
Urban Financial Group today announced the launch of a sales support division under the new leadership of former MetLife wholesale sales support manager Nadine Conklin. The company also announced the hire of Robert Sessock, formerly of Security One and MetLife to staff the new division, which will on-board new clients, assist current partners with recertifications, […]
