CrossCountry Mortgage acquires NJ-based residential lender

by Duffie Osental18 May 2020

CrossCountry Mortgage (CCM) has announced the acquisition of New Jersey-based residential mortgage lender First Choice Loan Services.

In a statement, CrossCountry said that the acquisition was the result of a “thoughtful search process and extensive discussions between the leaders of the two companies.”

“The addition of this group is a terrific fit for us,” said Ron Leonhardy, chief executive officer of CrossCountry Mortgage. “It enhances both our strategic growth in several regions as well as our consumer-direct component. Our team committed to, and achieved, a smooth transition for the loan originators and we are seeing immediate success with this transaction.”

Norman Koenigsberg, executive vice president at First Choice Loan Services, said that CCM “stood out” after exploring different options with several companies.

“Ron and his leadership team made this process transparent and clear,” said Koenigsberg. “We laid out a roadmap for success in our first meeting, and CCM never deviated from it. The transition has been seamless.”

And for Ralph Picarillo, also an executive vice president at First Choice Loan Services, it was CCM’s “rare combination of financial strength and strength of character” that sealed the deal.

“As a mortgage industry financial executive, I was immediately struck by the outstanding balance sheet, but I quickly realized that the leadership was even more remarkable than the financials,” said Picarillo. “CCM's reputation for integrity is well-deserved on all levels.”