University Bancorp Acquires Hyrex Servicing, LLC for $5.5 Million
University Bancorp (OTCQB:UNIB) has acquired Hyrex Servicing, for $5.5 million through its subsidiary, Hyrex Servicing Holding Company, Hyrex Servicing, based in Ann Arbor, Michigan, is a Fannie Mae and Freddie Mac approved Primary Servicer licensed to own mortgage servicing rights (MSR) in 42 states and the District of Columbia. The acquisition is expected to increase University Bank's Tier 1 Capital by over $3.14 million and release an additional $550,000 in capital.
UNIB reported net income of $2,129,852 or $0.43 per share in Q1 2024, compared to $855,818 or $0.17 per share in Q1 2023. Shareholders' equity rose to $86,348,746, equivalent to $16.70 per share. University Bank is now licensed to originate forward and reverse mortgage loans in all 50 states and D.C.
University Bancorp (OTCQB:UNIB) ha acquisito Hyrex Servicing per 5,5 milioni di dollari tramite la sua controllata, Hyrex Servicing Holding Company. Hyrex Servicing, con sede ad Ann Arbor, in Michigan, è un Servicer Primario approvato da Fannie Mae e Freddie Mac con licenza per possedere diritti di servicing ipotecario (MSR) in 42 stati e nel Distretto di Columbia. Si prevede che l'acquisizione aumenti il Capitale di Base di University Bank di oltre 3,14 milioni di dollari e rilasci ulteriori 550.000 dollari di capitale.
Nel primo trimestre del 2024, UNIB ha riportato un reddito netto di 2.129.852 dollari, pari a 0,43 dollari per azione, rispetto ai 855.818 dollari, o 0,17 dollari per azione, nel primo trimestre del 2023. Il patrimonio netto degli azionisti è salito a 86.348.746 dollari, equivalente a 16,70 dollari per azione. University Bank è ora autorizzata a originare prestiti ipotecari sia tradizionali che inversi in tutti i 50 stati e nel D.C.
University Bancorp (OTCQB:UNIB) ha adquirido Hyrex Servicing por 5,5 millones de dólares a través de su subsidiaria, Hyrex Servicing Holding Company. Hyrex Servicing, con sede en Ann Arbor, Michigan, es un Servicer Primario aprobado por Fannie Mae y Freddie Mac con licencia para poseer derechos de servicio hipotecario (MSR) en 42 estados y el Distrito de Columbia. Se espera que la adquisición aumente el Capital Tier 1 de University Bank en más de 3,14 millones de dólares y libere un capital adicional de 550,000 dólares.
UNIB reportó un ingreso neto de 2,129,852 dólares, o 0,43 dólares por acción en el primer trimestre de 2024, en comparación con 855,818 dólares o 0,17 dólares por acción en el primer trimestre de 2023. El patrimonio de los accionistas aumentó a 86,348,746 dólares, equivalente a 16,70 dólares por acción. University Bank ahora está autorizada para originar préstamos hipotecarios tanto tradicionales como inversos en todos los 50 estados y D.C.
University Bancorp (OTCQB:UNIB)가 자회사를 통해 Hyrex Servicing을 550만 달러에 인수했습니다. 미시건주 앤아버에 본사를 둔 Hyrex Servicing은 Fannie Mae 및 Freddie Mac 승인 기본 서비스 제공자로, 42개 주와 컬럼비아 특별구에서 모기지 서비스 권리를 소유할 수 있는 라이센스를 보유하고 있습니다. 이번 인수로 University Bank의 Tier 1 자본이 314만 달러 이상 증가할 것으로 예상됩니다 및 추가 55만 달러의 자본이 확보됩니다.
UNIB는 2024년 1분기에 순이익 2,129,852달러 또는 주당 0.43달러를 기록했으며, 2023년 1분기와 비교할 때 855,818달러 또는 주당 0.17달러로 증가했습니다. 주주 자본은 86,348,746달러로 증가하며 주당 16.70달러에 해당합니다. University Bank는 이제 50개 주와 D.C.에서 주택담보대출과 역모기지 대출을 모두 제공할 수 있는 라이센스를 보유하고 있습니다.
University Bancorp (OTCQB:UNIB) a acquis Hyrex Servicing pour 5,5 millions de dollars par l'intermédiaire de sa filiale, Hyrex Servicing Holding Company. Hyrex Servicing, basé à Ann Arbor, dans le Michigan, est un Servicer Principal agréé par Fannie Mae et Freddie Mac, autorisé à posséder des droits de service hypothécaire (MSR) dans 42 états et le District de Columbia. Cette acquisition devrait augmenter le Capital de Niveau 1 de University Bank de plus de 3,14 millions de dollars et libérer un capital supplémentaire de 550 000 dollars.
UNIB a enregistré un revenu net de 2 129 852 dollars, soit 0,43 dollar par action au premier trimestre 2024, contre 855 818 dollars, soit 0,17 dollar par action, au premier trimestre 2023. Les capitaux propres des actionnaires ont augmenté pour atteindre 86 348 746 dollars, soit 16,70 dollars par action. University Bank est désormais autorisée à octroyer des prêts hypothécaires classiques et inversés dans les 50 états et à D.C.
University Bancorp (OTCQB:UNIB) hat Hyrex Servicing für 5,5 Millionen Dollar über ihre Tochtergesellschaft, die Hyrex Servicing Holding Company, übernommen. Hyrex Servicing mit Sitz in Ann Arbor, Michigan, ist ein von Fannie Mae und Freddie Mac genehmigter Primärdienstleister, der in 42 Bundesstaaten und dem District of Columbia lizenziert ist, um Hypothekendienstleistungsrechte (MSR) zu besitzen. Die Übernahme soll das Tier-1-Kapital der University Bank um über 3,14 Millionen Dollar erhöhen und zusätzlich 550.000 Dollar an Kapital freisetzen.
UNIB berichtete im ersten Quartal 2024 von einem Nettoeinkommen von 2.129.852 Dollar oder 0,43 Dollar pro Aktie, im Vergleich zu 855.818 Dollar oder 0,17 Dollar pro Aktie im ersten Quartal 2023. Das Eigenkapital der Aktionäre stieg auf 86.348.746 Dollar, was 16,70 Dollar pro Aktie entspricht. Die University Bank ist nun lizenziert, Hypothekendarlehen sowohl in Vorwärts- als auch in Umkehrform in allen 50 Bundesstaaten und im D.C. zu vergeben.
- Acquisition of Hyrex Servicing for $5.5 million enhances UNIB's mortgage servicing capabilities
- Increase in University Bank's Tier 1 Capital by over $3.14 million
- Net income growth to $2,129,852 in Q1 2024 from $855,818 in Q1 2023
- Shareholders' equity increased to $86,348,746
- University Bank now licensed for mortgage origination in all 50 states and D.C.
- Initial $5.5 million cash outlay for acquisition may impact short-term liquidity
- Potential integration challenges and operational risks associated with the acquisition
ANN ARBOR, MI / ACCESSWIRE / August 1, 2024 / University Bancorp, Inc. (OTCQB:UNIB)(or "UNIB") announced that it has completed an internal corporate restructuring by acquiring Hyrex Servicing, LLC ("Hyrex Servicing") from University Bank, through its wholly owned subsidiary, Hyrex Servicing Holding Company, LLC. Hyrex Servicing Holding Company, LLC paid
Hyrex Servicing, based in Ann Arbor, Michigan, is a Fannie Mae and Freddie Mac approved Primary Servicer and currently licensed or otherwise able to own mortgage servicing rights ("MSR") in 42 states, plus the District of Columbia. It has applied for or is in the process of applying for licenses to own MSRs in the remaining eight states. In addition, it can also own whole loans across all 50 states, plus the District of Columbia.
Through its ability to own and manage mortgage related assets, both whole loans and MSRs, Hyrex Servicing plans to partner with third party investment advisors and institutional investors who do not have the necessary licensing or operational framework to invest in such assets. Hyrex Servicing will generate revenue through Primary Servicing or other similar fees based upon the unpaid principal balance of these mortgage related assets on its balance sheet. As Hyrex Servicing partners with more investors and grows the number of assets on its balance sheet, these fees are expected to increase Hyrex Servicing's enterprise value.
Because Hyrex Servicing owned
As Hyrex Servicing grows the assets on its balance sheet, some of the MSRs being purchased by third-party money management firms are anticipated to be sourced from University Bank and its affiliates, freeing additional Tier 1 Capital at University Bank over time, in the amount of about
Financial & Operational Update
UNIB had net income of
Shareholders and investors are encouraged to refer to the additional financial information including the investor presentations, audited financial statements, strategic plan and prior press releases, available on our investor relations web page at: www.university-bank.com/bancorp/.
Ann Arbor-based University Bancorp owns:
100% of University Bank, a bank based in Ann Arbor, Michigan;100% of Crescent Assurance, PCC, a captive insurance company licensed in Washington DC; and100% of Hyrex Servicing, based in Ann Arbor, Michigan.
University Bank together with its Michigan-based subsidiaries, holds and manages a total of over
UIF, a faith-based banking firm based in Southfield, MI;
University Lending Group, a retail residential mortgage originator based in Clinton Township, MI;
Midwest Loan Services, a residential mortgage subservicer based in Houghton, MI;
Community Banking, based in Ann Arbor, MI, which provides traditional community banking services in the Ann Arbor area;
Ann Arbor Insurance Centre, an independent insurance agency based in Ann Arbor.
Reverse Mortgage Lending, a reverse residential mortgage lender based in Southfield, MI; and
Mortgage Warehouse Lending, a mortgage warehouse lender based in Southfield, MI.
CAUTIONARY STATEMENT: This press release contains certain forward-looking statements that involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements concerning future growth in assets, assets under management, pre-tax income and net income, budgeted income levels, the sustainability of past results, mortgage origination levels and margins, valuations, and other expectations and/or goals. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, economic, competitive, governmental and technological factors affecting our operations, markets, products, services, interest rates and fees for services. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We undertake no obligation to update any information or forward-looking statement.
Contact: Stephen Lange Ranzini, President and CEO
Phone: 734-741-5858, Ext. 9226
Email: ranzini@university-bank.com
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SOURCE: University Bancorp, Inc.
View the original press release on accesswire.com
FAQ
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