Acquisition comes on the heels of a mortgage layoff round at AmeriFirst
Union Home Mortgage (UHM) has finalized its acquisition of AmeriFirst Home Mortgage, a move that UHM said will expand its national reach and bring together two leading USDA mortgage lenders.
The deal comes on the heels of a recent layoff round at AmeriFirst. According to a state filing, the Kalamazoo, MI-based company permanently laid off 59 employees in its mortgage division. At press time, AmeriFirst employs more than 300 licensed loan consultants across the country, with concentrations in Florida, Michigan, Ohio, North Carolina and California.
Ohio-headquartered UHM ranks 63rd among single-family mortgage lenders in the United States, according to data from Inside Mortgage Finance. UHM is a top-ranked USDA home lender in Ohio, while AmeriFirst is the number one lender in Michigan.
The combined company “will have unique expertise and scale with the USDA Rural Development Single Family Housing Guaranteed Loan Program, which provides eligible applicants mortgage options requiring no money down when purchasing a primary residence,” UHM said in its release.
“On behalf of all our partners, I am excited to welcome the wonderful mortgage professionals of Amerifirst to the world-class platform of growth at UHM,” said Bill Cosgrove, president and CEO of Union Home Mortgage. “Our company lives by the mantra of ‘Promises Kept,’ which includes promises to our customers, communities and colleague partners. Today, I am thrilled to expand the reach of that promise further.”
“We founded this company to make a meaningful difference in the lives of customers, team members and our communities. This partnership gives us the scale and ability to make an impact like never before,” AmeriFirst co-founders Mark Jones and David Gahm said in a joint statement. “UHM has built a platform that is really unique and powerful in our industry. Coming together made all the sense in the world.”