Mortgage lenders GO Mortgage and PacRes struck a deal to merge their businesses, allowing them to gain scale and reduce the cost of originating a loan in a higher-for-longer mortgage rate environment. The financials of the transaction were not disclosed. “By uniting our unique capabilities and resources, we will achieve significant operational improvements,” Michael Isaacs, [...]read moreLenders GO Mortgage and PacRes to merge
After exiting the wholesale channel in February, top U.S. mortgage lender Fairway Independent Mortgage Corp. has decided to grow its retail footprint organically by hiring origination teams from various competitors. The company announced last week that, in April, it welcomed production teams that collectively originated more than $500 million in mortgage volume in 2023. These groups are bringing a [...]read moreAfter exiting wholesale, Fairway hires origination teams across the nation
Redlands, California-based mortgage lender Mountain West Financial has struck a deal to sell its retail assets to competitor ML Mortgage Corp., one of the latest M&A transactions amid a challenging landscape for home loan originators. “We did transfer our branches and loan officers to ML Mortgage. We felt that ML was a good culture fit and would provide [...]read moreMountain West Financial sells retail assets to ML Mortgage Corp.
In a low-volume mortgage origination market, some sellers “don’t have the balance sheet or their owners are not interested in legacy and continuity,” which is a different model than Lower’s, Snyder said. The company is looking for geographic expansion and companies that are “technically sound,” he added. In November 2023, Lower announced the acquisition of [...]read moreLower founder says lender is still active in M&A searches
California-based multichannel mortgage lender CMG Financial announced on Thursday that it acquired Norcom Mortgage’s retail assets, expanding its operations in the Northeast with the addition of 25 branches from Maryland to Maine. The financial details of the deal were not disclosed. “Norcom Mortgage has made the strategic decision to focus on and continue to grow our wholesale platform [...]read moreCMG acquires Norcom Mortgage’s retail assets