RoundPoint Financial acquires 40 percent stake in FDIC mortgage loan portfolio
Published: December 23, 2010
Time posted: 2:10 pm
The Charlotte-based RoundPoint Financial Group announced today it has purchased a 40 percent stake in a $603 million mortgage loan portfolio from the Federal Deposit Insurance Corp., an independent agency created by Congress which guarantees the safety of deposits in member banks. Roundpoint bought the stake in conjunction with RBS Financial Products Inc. of Connecticut.
The FDIC retains a 60 percent interest in the venture. Founded in 2007, RoundPoint is a mortgage-servicing and origination firm that operates four subsidiaries focused on servicing, asset management, originations and technology. Kevin Brungardt, chief executive of RoundPoint Financial Group, said in a press release that RoundPoint’s participation in this transaction is part of its strategy of being a fully integrated mortgage investment firm and demonstrates its commitment to the residential mortgage market. This is RoundPoint’s second FDIC loan acquisition this year. In April, RoundPoint purchased a $491 million FDIC-structured transaction.