Which companies are merging, and what professionals are moving? See some highlights in this update of the housing and mortgage industries.
WMIH Corp and Nationstar Mortgage Holdings Inc., with its flagship brand Mr. Cooper (formerly Nationstar), announced a merger earlier this week. The Dallas, Texas-based mortgage servicing company will merge with the former holding company of Washington Mutual Bank in a deal where Nationstar’s shareholders would get $1.2 billion in cash from WMIH Corp. and $702 million in shares of the new combined company that will trade on NASDAQ under the ticker symbol WMIH. Upon completing the transaction, the combined company’s Board of Directors will comprise seven members, including three from WMIH and four from Nationstar. “We expect this merger to create value for our shareholders in both the near and long-term, including immediate accretion on a cash EPS basis and a cash premium for those of our stockholders who elect to receive the cash merger consideration. I am passionately committed to continuing and accelerating our growth and investment as a leader in our industry, leveraging our best-in-class integrated servicing and origination platform,” said Jay Bray, CEO, and Chairman of Nationstar.
Black Knight, Inc., a provider of integrated software, data and analytics to the mortgage and real estate industries, announced that Anthony Jabbour will assume the role as the company’s CEO on April 1. Current CEO Tom Sanzone will become the company’s Vice Chairman of the Board and will assist with the transition. Jabbour was most recently the COO of Fidelity National Information Services, Inc.’s Banking and Payments business. In this role, he had global accountability for solution development, sales, and delivery of banking and payments offerings for clients of all sizes and in all geographic markets.
“Anthony has a strong track record of successfully growing businesses both organically and through acquisitions, establishing strong client relationships and managing large, complex technology operations in the financial services industry,” said Bill Foley, Executive Chairman of Black Knight. “He will build on the strong foundation that Black Knight has established, and I am confident he and the management team at Black Knight will take the company to the next level.”
Stern & Eisenberg, a regional law firm servicing ten states and the District of Columbia with a team of over 50 attorneys and 200 staff announced the hiring of Elizabeth Potter in the role of Business Development Director and the promotion of Angela Wilson to the role of Client Relations Manager. Potter and Wilson will serve critical functions in the firm’s expanded Value Department, headed by Chief Value Officer Kathy Brady. Potter, who recently served as SVP of Business Development and Member Relations for the American Legal & Financial Network (ALFN), a national, legal-based trade association in the mortgage default industry, will spearhead the firm’s business development across all practices, business lines, and regions stretching from New York to Georgia.
“We’re thrilled with the team we have in place,” said Brady. “Liz is an industry veteran and has seamlessly stepped into her role representing the firm and we’re excited about the business opportunities she will help us cultivate.”
Northsight Management LLC, a thriving mortgage field services provider offering a full array of default property management services, announced the finalization of its merger with Truly Noble Services, a well-respected Texas-based full-service general contractor. According to Josh Sarchet and Steve Johnson, Northsight principals, “We are confident this fusion of organizations will add significant expertise and strength to Northsight. The team at Truly Noble has a solid reputation within the REO repair space which will fortify Northsight’s service offerings, as well as further support and expand its current client base.”
Based in Garland, Texas, Truly Noble Services was established in 1996 when James L. Easley, CEO and Chairman of the Board, launched the company after working to repair flooded homes throughout Dallas. Soon afterward, the company expanded into servicing the vacant property market. Truly Noble Services strives for three things on every job: 1) getting the work completed on time, 2) getting the work completed on budget, and 3) getting the work completed correctly the first time. Truly Noble now offers a wide array of repair and maintenance services across eight different Southeastern states, including their home state of Texas.
Rochester, Michigan-based law firm, Potestivo & Associates, P.C., has announced the appointment of Brenda Likavec, as Supervising Bankruptcy Attorney in their Chicago office. Likavec joined the team of 25 attorneys in January 2018. Prior to her role at Potestivo & Associates, Likavec was Managing Attorney for one of the largest consumer bankruptcy firms in the U.S. She has represented debtors in both Chapter 7 and Chapter 13 proceedings since 2011, handling adversaries, resolving objections, and multiple court calls. Likavec was selected for the Bankruptcy Liaison Committee for the Northern District of Illinois Bankruptcy Court for a two-year term in 2017. The committee includes Chief Judge Hollis as well as several other prominent Judges from the district. She is also a current member of the American Bankruptcy Institute.
“We are delighted to welcome Brenda to our firm. It is exciting to grow our practice with talented, experienced attorneys who will provide our clients with outstanding legal and business services,” said Brian Potestivo, President-Managing Attorney, of Potestivo & Associates.