A home lender that focuses on the Hispanic market recently received an equity injection. Two other mortgage businesses were acquired, while another is part of a bank acquisition.
Panorama Point Partners announced on July 13 that it has closed on an expansion capital and an equity investment commitment in Las Vegas-based Alterra Home Loans LLC.
Alterra says that it focuses on the
Hispanic marketplace, with more than two-thirds of last year’s mortgage production having reportedly been generated from Hispanic borrowers.
“We wanted to find a financial services company with talented leaders that were focused on the Hispanic market,” Panorama Point Partners Managing Partner and Founder Stephen J. George said in the statement. “On their own without the benefit of institutional capital, Alterra’s founders have built an exceptional and promising company on the foundation of a strong team-oriented culture, superb loan processing operations, and exceptional customer care.”
Alterra reports nearly $1 billion in retail mortgage originations for all of 2015 — more than tripling activity over the past three years.
The mortgage originations and operations of Emery Financial
have been assumed by Home Point Financial Corp., a July 26 announcement indicated.
Emery is in
California and employs 80 people. Mortgage production since its inception in 1993 totals 63,000 loans for more than $22.5 billion. It operates branches in Danville, San Diego and Newport Beach.
Home Point
is based in Ann Arbor, Michigan. It acquired Maverick Funding Corp. last year.
Oak Mortgage Company LLC was acquired by Republic First Bancorp Inc. on July 28 in a deal valued at $7.1 million, the bank confirmed on its website.
Philadelphia-based Republic
said it plans to maintain the lender’s current business model and operate it as a wholly owned subsidiary of the bank.
Oak Mortgage was founded in 1997 and is based in Marlton, New Jersey. With a staff of 64 employees, it reportedly closed more than $330 million in mortgage loans during 2015.
The parent of Dallas-based Guardian Mortgage Company Inc.,
Strategic Growth Bancorp, has agreed to a merger with Sunflower Financial Inc., a joint July 28 news release indicated.
While Strategic growth is based in
El Paso, Texas, and Sunflower has its headquarters in Salina, Kansas, the combined $4 billion firm will maintain its corporate headquarters in Denver.
The
transaction, which is subject to regulatory approval, is expected to be completed in the first quarter of next year.
Guardian Mortgage reported in July 2015 that its residential loan servicing portfolio stood at $2.7 billion.
