"This acquisition will allow Wintrust Mortgage to expand both in size and structure," Wintrust Mortgage President and CEO David Hrobon said. "Veterans First Mortgage has built a terrific consumer direct lending business with some of the industry's brightest leadership and employees. We look forward to the synergistic opportunities that will arise from this merger of talent."
The deal, which is subject conditions, including final due diligence and regulator approval, will also include servicing rights to Veterans First loans, estimated to total approximately 9,000 loans and $1.4 billion in principal balance.
"Veterans First Mortgage has built a reputation on quality loans, expertise and customer-first service and we know this is also true of Wintrust Mortgage,” Veterans First Mortgage President and CEO Kevin Gates said. “We share a common culture and have common leadership styles, so this acquisition could not be a better fit."
Veterans First Mortgage is a consumer-direct lender with three offices.
It’s expected to originate over $800 million in loans this year and employs approximately 400 people.
“Veterans First Mortgage specializes in VA
lending, primarily for new home purchases, which is fairly unique to the consumer direct lending business,” Wintrust said in a statement. “The acquisition is expected to bring to Wintrust Mortgage a robust platform that integrates CRM technology, customized loan origination software and telephony systems to produce an efficient loan experience for its customers.”
Wintrust Mortgage announced the acquisition of Veterans First Mortgage Tuesday.