The acquisition of a California-based lender postures Carrington Mortgage Services LLC to launch a wholesale lending channel.
Santa Ana, Calif.-based Carrington announced Tuesday the acquisition of certain assets of American Home Equity Corp., an 11-year-old mortgage banking firm based in Irvine, Calif.
American Home originates agency, government and non-conforming residential mortgages. Production during the past two years reportedly totaled more than $1 billion.
A wholesale staff of 40 is included with the acquisition.
“Providing a sound foundation for launching the Carrington Mortgage Services wholesale origination channel, the expansion presents an opportunity to offer wholesale origination with the same high-touch service levels and credit quality as that of Carrington’s retail channel,” the statement said. “American Home Equity shares a similar business philosophy and commitment to quality with Carrington.”
Carrington Executive Vice President Steve Patton noted in the announcement that the acquisition will enable Carrington to immediately offer wholesale lending programs on a national basis.
Carrington, which says it is licensed in 37 states, was created through the acquisition of New Century Financial Corp.’s loan servicing operations out of bankruptcy in 2007.
Last month, Carrington announced that it was approved by Ginnie Mae to securitize government mortgages.
American Home Equity Corp., doing business as America’s Lending Solution, was among 840 brokers, correspondents and loan originators banned in 2009 from doing business with CitiMortgage Inc.
