Bankrate Inc. agreed to be taken private by private-equity firm Apax Partners for $571 million, while the company also projected second-quarter and 2009 results below analysts’ expectations.  The planned sale comes as Bankrate’s results in recent quarters have weakened. The company operates Bankrate.com, a mortgage lead generation website offering home financing articles, mortgage news and tips to compare mortgage interest rates, home equity loans, credit lines, refinancing and credit cards.  Apax’s offer is $28.50 a share, a 16% premium over Tuesday’s closing price. The stock was above that price just last month, but is down 25% this year. Shares were recently at $28.37, giving some indication from investors that a higher bid might be forthcoming.

Meanwhile, Bankrate released preliminary 2nd-quarter results, showing profit dropped 54% to $1.9 million, or 10 cents a share, from $5.1 million, or 21 cents a share, a year earlier. Revenue fell 23% to $31 million.  Analysts estimated earnings of 30 cents a share on revenue of $37.5 million, according to a poll by Thomson Reuters.  “Macroeconomic conditions have continued to impact financial advertising, particularly in our banking, home mortgage and credit card channels,” said Chief Executive Thomas R. Evans. He also predicted 2009 revenue and earnings before interest, taxes, depreciations and amortization “will be well below the current consensus estimates” because of the soft financial-services advertising market
Article written by KATHY SHWIFF

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San Diego, California – Nationwide Mortgage Loans recently announced the roll-out of several new FHA products.  The mortgage lender extended the 203k FHA loan for home improvements and the 203S for fixed rate refinancing for homeowners trying to avoid foreclosures. 

According to mortgage banker, Bryan Dornan, “the company still remains focused on cash out refinancing so homeowners can consolidate debt and reduce their monthly payments.”  The FHA lender also said they would be rolling out the loan connected with Hope for Homeowners that would help borrowers modify their mortgage based on the market value. 

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