|An Arizona-based mortgage banker that shut down its wholesale channel three months ago has been acquired. The transaction adds a branch network and healthy lender relationships to a growing full-service mortgage operation.
United Residential Lending LLC was acquired by National Asset Direct Inc. and iServe Mortgage Company Inc., a news release today said. Terms of the acquisition weren't disclosed.
National Asset President and Chief Executive Officer Jeffrey Kaplan noted in the release that United has a broad geographic footprint, multiple retail branch partners and strong warehouse lending and take-out lending relationships.
The acquired company will be renamed iServe Residential Lending LLC. United founder and CEO Gary Willis will serve as chief operating officer of the iServe Residential, whiles United Chief Financial Officer Doug Wilson will retain his title in the new organization.
United, based in Scottsdale, Ariz., provides retail lending services in 18 states. National Asset acquires distressed mortgage portfolios, while iServe is an affiliated wholesale lender.
United Residential closed its mortgage broker channel in March.
"UR Lending has evaluated our business model in the context of the current market," an e-mail message to mortgage broker customers at the time said, "and has decided to exit our wholesale lending business channel."
In addition to iServe Mortgage and iServe Residential, National Asset operates special servicer iServe Servicing Inc. and investment firm iServe Real Estate Operations Inc. as part of iServe Companies.
"Together, the iServe affiliates form an integrated platform of loan origination, servicing and real estate disposition services," today's statement said.