https://humboldtllc.com/field-notes/ Operator field notes on independent mortgage bank M&A, PE diligence, post-close turnarounds, and lending operations. Written by Howard Michalski, Founding COO and 100-deal M&A lead. en-us Copyright Humboldt Group howard@humboldtllc.com (Howard Michalski) howard@humboldtllc.com (Howard Michalski) Wed, 06 May 2026 08:00:00 -0700 Wed, 06 May 2026 08:00:00 -0700 1440 https://humboldtllc.com/field-notes/five-habits-of-successful-acquirers/ https://humboldtllc.com/field-notes/five-habits-of-successful-acquirers/ Wed, 06 May 2026 08:00:00 -0700 Howard Michalski M&A Buyer Strategy After 100 IMB deals and 70+ closed acquisitions, the pattern is clear: being prepared is 90% of the battle. Five habits that separate the buyers who win from the ones who stumble. https://humboldtllc.com/field-notes/pe-diligence-imb/ https://humboldtllc.com/field-notes/pe-diligence-imb/ Fri, 24 Apr 2026 08:00:00 -0700 Howard Michalski M&A PE Diligence The CIM tells you what the seller wants you to look at. The deal tells you what the seller wants you to ignore. After 100 IMB diligences, here's what sponsors miss when they staff a generalist diligence team. https://humboldtllc.com/field-notes/imb-valuation-margin-compression/ https://humboldtllc.com/field-notes/imb-valuation-margin-compression/ Fri, 17 Apr 2026 08:00:00 -0700 Howard Michalski M&A Valuation Gain-on-sale normalization, MSR runoff, recruiter-dependent volume haircuts. The math IMB CEOs need to understand before they walk into a sale process — and the haircuts buyers will apply whether they tell you or not. https://humboldtllc.com/field-notes/90-day-window-imb-acquisitions/ https://humboldtllc.com/field-notes/90-day-window-imb-acquisitions/ Fri, 10 Apr 2026 08:00:00 -0700 Howard Michalski M&A Post-Close Top LOs walk. Servicing economics shift. Comp plans collide. The first 90 days post-close decide whether the deal works. From a turnaround on a stalled PE-owned specialty lender. https://humboldtllc.com/field-notes/100-deals-strong-vs-weak-books/ https://humboldtllc.com/field-notes/100-deals-strong-vs-weak-books/ Fri, 03 Apr 2026 08:00:00 -0700 Howard Michalski M&A Diligence Pull-through variance, LO concentration, branch lifecycle, retention curves. The signals that show up in the data months before they show up in the P&L. https://humboldtllc.com/field-notes/operator-questions-pe-sponsors-miss/ https://humboldtllc.com/field-notes/operator-questions-pe-sponsors-miss/ Fri, 27 Mar 2026 08:00:00 -0700 Howard Michalski PE Diligence Warehouse covenants under stress. Hedging discipline. Capacity per closing day. LO comp economics. The questions only an operator thinks to ask — and the ones that decide whether the deal compounds or grinds.