Acquisition makes HomeBridge nation’s biggest 203(k) lender

by Ryan Smith15 Feb 2017

HomeBridge Financial Services has completed its purchase of the operating assets of Prospect Mortgage. The purchase makes HomeBridge one of the top 10 largest nonbank mortgage lenders in the country for overall production.

With the acquisition of Prospect, HomeBridge’s retail footprint now includes more than 250 branch locations in 35 states. The acquisition means that about 500 loan originators from Prospect, responsible for a total of $8.4 billion in loan production last year alone, are now HomeBridge originators. In addition, about 413 operations employees and 246 corporate associates have joined HomeBridge, bringing the company’s total number of fulltime associates to nearly 3,000.

HomeBridge will also become the country’s largest originator of 203(k) renovation loans, with more than twice the production of its nearest competitor.

 “HomeBridge’s acquisition of Prospect’s operating assets vastly increases our ability to service the needs of home buyers and the greater housing industry in both existing and new markets. Through the acquisition, we now have improved access to capital while remaining the entrepreneurial and nimble mortgage lender the industry knows us as,” HomeBridge CEO Peter Norden said in a statement. “As an independent mortgage lender, HomeBridge is an industry leader in its ability to effectively balance profitability and volume, while continuing our commitment to operating in compliance and providing customers with a level of service rarely seen in the financial world.”

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