On December 31st, 2021, ProApprove was acquired by Credibly. Terms of the transaction were not disclosed. ProApprove helps drive significant sales growth for home improvement contractors through flexible financing offerings for their customers.
Latest ProApprove News
Jul 11, 2022
The mortgage industry saw a steady stream of M&A activity in the first half of this year. Intercontinental Exchange’s proposed $13.1 billion acquisition of Black Knight and First American’s $300 million purchase of title agency Mother Lode are just some of the notable moves. For an inside look at these significant deals and other recent M&A developments in the space, read our roundup. JHVEPhoto - stock.adobe.com Intercontinental Exchange buying Black Knight for $13.1B Intercontinental Exchange, the owner of the most popular loan origination system in the mortgage industry, is aiming to buy Black Knight, whose market penetration on the servicing side is comparable. However, the deal may well attract the attention of the Biden administration, which is looking to cultivate greater competition between market players and has worked to prevent mergers and acquisitions that would limit choices for consumers. "Black Knight's high-growth, recurring revenue stream will further complement our 'all weather' business model, while the strength of ICE's balance sheet, and our combined cash flows, position this transaction to be accretive to adjusted earnings per share in the first full year," said ICE CFO Warren Gardiner. First American acquires title agency Mother Lode for $300M First American has acquired Mother Lode Holding Co., a title agency with operations in 11 states and more than 1,000 employees, for $300 million in an acquisition that does not require the firm to take on any additional debt. "One thing that we feel good about is we did the debt deal last year, where we raised $650 million at 2.9% rate, and that's turning out to be a pretty good deal in hindsight," FIrst American CEO Ken DeGiorgio said. "So effectively what we did is, we pre-borrowed for the Mother Lode deal." Mother Lode has 17 operating subsidiaries in title and settlement services for residential and commercial real estate transactions, with its main business being Placer Title. The acquisition is intended to help First American keep pace this year after a strong 2021. Mr. Cooper agrees to purchase servicing subsidiary from Bayview Asset Management Mortgage-servicing giant Mr. Cooper has reached an agreement with Bayview Asset Management subsidiary, Community Loan Servicing, to buy servicing of approximately 140,000 residential loans, adding more than 500 employees to its team. “This transaction furthers our strategic goals with additional portfolio growth and expanded default servicing capabilities,” Mr. Cooper said. “With the addition of the CLS team and their platform, we will be in an even better position to help homeowners who need extra support.” The deal continues a trend of asset management firms pursuing a new course of action due to the small number of sub-performing residential loans emerging from the pandemic. Wolters Kluwer picks up doc prep firm IDS in $70M deal International consulting firm Wolters Kluwer purchased mortgage technology company International Document Services from Reynolds and Reynolds in an all-cash deal worth $70 million. "The IDS brand is highly valued and Wolters Kluwer will keep the name within our wider Wolters Kluwer Compliance Solutions product suite," said Paul Lyon, global corporate communications director for Wolters Kluwer GRC. This acquisition is expected to deliver a return on invested capital of more than 8%, higher than Wolters Kluwer's after-tax weighted average cost of capital, within three to five years of the deal's anticipated completion date this year. AnnieMac buys OVM to expand mid-Atlantic coverage Nationwide lender AnnieMac Home Mortgage acquired OVM Financial in a move that extends its area of operations into the mid-Atlantic region. Based in Virginia Beach, Virginia, OVM has branches in its home state, as well as Florida, North Carolina and Texas. AnnieMac has acted quickly to rebrand its new acquisition as OVM Financial Team Powered By AnnieMac Home Mortgage. “In a rising rate environment, growth, scale and culture are more important than ever,” AnnieMac President Ryan Kube said. “OVM brings that to AnnieMac in spades.” Mid America Mortgage selling retail lending business to Legend Mid America Mortgage has reached an agreement to sell its main retail division to Legend Lending for an undisclosed amount. The company will however retain some retail for certain products and portfolio retention. "We wanted to refocus on third-party originations and technology solutions," said Mid America President Jeff Bode. In light of this new direction, Bode has rebranded the firm as Click n' Close. Pending receipt of approvals from state licensing authorities, the deal will make Legend active in 30 states. Lower takes on Hamilton Home Loans Columbus, Ohio-based mortgage fintech Lower acquired Hamilton Home Loans of Sunrise, Florida. The terms of the deal were not disclosed. Hamilton has branches in Florida, with offices in North Carolina, Texas, Kentucky, Virginia and Nevada. The fintech’s acquisition will be rebranded as Hamilton Home Mortgage and become a new division in the company’s private label retail channel. “We’re proud that Hamilton chose to join us and we look forward to a bright future,” said Lower Managing Partner Michael Baynes. Credibly closes on home improvement financer ProApprove Fintech lender Credibly is expanding beyond its core lending operations to small and medium-sized businesses by moving into home improvement financing with the acquisition of ProApprove. As a home improvement financing company, ProApprove’s provides funding for homeowners with prime, near-prime and non-prime credit and works through installment agreements with home improvement contractors. “Through conversations with contractors who obtain financing from Credibly, we identified a significant market opportunity in the home improvement space,” said Credibly co-founder and co-CEO Ryan Rosett. “Contractors who offer financing solutions through ProApprove will no longer need to turn down sales due to a homeowner’s inability to pay for a project upfront.”
ProApprove Frequently Asked Questions (FAQ)
What is ProApprove's latest funding round?
ProApprove's latest funding round is Acquired.
Who are the investors of ProApprove?
Investors of ProApprove include Credibly.